• Question
  • Putting money in an annuitiy

    Asked on 6/21/2012

    Should I put my money in an annuity?

  •  
  • Categories: How to Choose, Annuities

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

    Get a FREE phone consultation
    with an advisor. Learn more...
  • Most people carry fire, health and car insurance, but these products do not protect you against the most serious risk you face in retirement: Living longer than your assets.

    Purchasing an annuity can be a great way to guarantee your retirement income for as long as you live as well as protect your assets from inflation, stock market fluctuations, a serious medical crisis or other unforeseen circumstances. An annuity can help bolster your retirement financial plan by guaranteeing your retirement income.

    An annuity is like a pension you buy for yourself -- you purchase (with a lump sum of money or payments over time) monthly income for a specified period of time or for the rest of your life – no matter how long you live.

    HOWEVER, there are a lot of different kinds of annuities. And getting all of the options right is important. If you are concerned about retirement income, then a lifetime annuity is probably the kind you should look at. Securing a lifetime annuity to cover necessary living expenses for as long as you live is considered a good idea. You'll also want to consider inflation protection, spousal coverage, investment protection and more...

    If interested, you can compare Lifetime Annuity products here:
    https://www.newretirement.com/Services/Annuity_Calculator.aspx

  • Login to rate this answer:   Answered on 6/23/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.