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When the market went down in 2008, that was the turning point of how even the saviest investor looked to at retirement. This downturn created this most profound retirement income challenges in history. Recent studies have shown individuals still in the accumulation stages of retirement and those who are ready to retired are battleing new fears and looking for new option that addresses concerns over diminishing income sources, rising inflation, living longer and continued market volatility. Consumers are expecting more of their financial advisors. The old blueprint of funding your retirement was Risk Investment that generated high returns. Benefits & Retirement Consultants primarily focuses on wealth preservation, guarnatees and income you cannot outlive. Lets take a look at a 3 types of Annuities
Fixed deferred annuities are a popular way to build retirement income through tax-deferred growth, especially if you want to minimize risk.
- You receive an initial guaranteed interest rate for a specific period of time. At the end of that period, the interest rate is reset, but will not be lower than a guaranteed minimum interest rate established at issue.
- Growth isn't tied to market performance. Consider these annuities for the conservative part of your savings plan.
Fixed Indexed Annuities are designed for conservative consumers who want the opportunity for a little higher return, but don’t want the downside risk.
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You put your money in and it grows income-tax-deferred at an interest rate based on changes in an index, such as the S&P 500.
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Your principal is protected and guaranteed to grow, provided you don’t surrender your contract early. There’s usually a cap (upper limit) on the amount of interest you can earn in a given period.
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Access options that apply to a fixed annuity typically apply to a fixed indexed annuity.
Income annuities are primarily for those who are in or near retirement. These types of annuities can help turn a portion of your savings into guaranteed income for life.
- You can choose to receive a lump sum or regular payouts for life or a specified period of time.
- Your money isn’t tied to market performance. Consider these annuities for the conservative part of your savings plan.
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