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What does retirement mean to you? You might look forward to time with your grandchildren and a favorite hobby. Or maybe you want to play endless rounds of golf and explore the world. Whatever your goals, they probably depend on a reliable source of income.

And that’s where an annuity can help. They’re insurance products designed to provide you with a way to accumulate tax-deferred savings while you prepare for retirement and a steady stream of retirement income.

What are Annuities?

Annuities are designed to help you grow your retirement income. They’re long-term contracts from an insurance company where you invest your money. In return for your investment, you get income from regular payments.

An annuity is a long-term investment issued by an insurance company and designed to help protect you from the risk of outliving your income. Through annuitization, your purchase payments (what you contribute) are converted into periodic payments that can last for life.

Investing involves risk, and your investments may lose value. All guarantees and protections are subject to the claims-paying ability of the issuing insurance company. Still, the guarantees do not apply to any variable accounts, which are subject to investment risk, including the possible loss of principal.

Types of Annuities

There are several types of annuity products available to choose from. Whether you’re looking for income options, legacy planning tools or spousal protection, your financial professional can tailor a plan to meet your specific goals.

Variable: There’s the potential for more earnings, but you also take on more risk.

Registered index-linked: Exposure to downside risk is limited, and there is potential for increased earnings based on index growth.

Fixed: Your investment grows based on a guaranteed rate of return.

Immediate: Convert a lump sum of money into a stream of income.

Fixed indexed: The potential for increased earnings is based on index growth, but there’s still downside protection.

The risk involved in Annuities

Like any investment, annuities carry risks. For example, if you pass away before the payout period, you miss out on annuity payments. In addition, taking money out of your annuity account may not be easy after you’ve invested it. Therefore, investors should research the insurance company that is underwriting the annuity. Risks include:

Missing the income benefit. The idea behind annuities is that you save money now to have an income stream for the rest of your life. You will miss out on that long-term benefit if you suddenly pass away. Some annuities allow you to designate a beneficiary, but they may come with an extra cost.
Tying up money you may need. Once you've invested your money in an annuity, it can be difficult to access or cash it out if you suddenly need those funds. For example, some immediate annuities take away access to your principal after you have invested it, even though the payments begin right away.
Insolvent insurance companies. Because an annuity is a long-term investment, you'll want to ensure the company you purchase from is around for the long term. Investors should investigate potential annuity providers' credibility, history, and credit standing.

Already have Annuities? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.

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