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Deciding If an Annuity Is Right for You
Annuities are one of the many options for ensuring a long-term income, and they can provide important security in your retirement years. However, not all annuities are the same, and the one that’s right for a friend or relative may not be right for you. Here are some things to consider when deciding if an annuity is right for you.
When to Buy an Annuity
Many people purchase an annuity in order to have guaranteed income after they retire. If you buy it when you’re young, it gives the annuity time to grow. An annuity is also a good option if you have a medical condition that makes buying life insurance impossible or unaffordable. You don’t need to meet the same qualifications to buy an annuity as you do to qualify for life insurance. When you buy your annuity, you can name your spouse or children as beneficiaries so they can continue to receive payments after your death.
Types of Annuities
Fixed annuities are the most reliable source of income for those seeking some stability once they retire. However, variable annuities offer another option for those willing to risk more for a potential higher payout. If you’re an experienced investor, you may want to take this path, especially if you have other retirement plans to cushion you should the market not do as well as expected.
Inheriting an Annuity
Buying an annuity isn’t the only way to receive payments--many people inherit them after a loved one passes away. They’re also a way to spread out lottery winnings or court settlements over a period of time instead of receiving the entire sum at once. If this is the case, you’ll have to decide whether you need the money right away, in which case you can have the annuity converted to cash. Look at Rightway Funding reviews to see how other people have benefited by this plan, and to determine if it’s right for you.
On the other hand, you can usually also choose to receive the annuity payments yourself if you prefer. You can have them distributed over the course of 5 years, or over the course of your lifetime. One benefit is that it spreads the tax liability out over time, rather than paying all at once with a lump sum payment. Ultimately, you should talk to a financial adviser to determine which type of annuity--if any--is the best plan for you.
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