Women and Investing

Broker Check

Common Misconceptions About Annuities

| March 20, 2019
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When it comes to annuities, misinformation surrounds them. To help you make a sound decision on whether or not an annuity is right for you, here’s the truth behind some of the most common misconceptions:

  1. They’re only for retirees. While annuities are vehicles for retirement, they’re not something you only buy in retirement. You can make annuities as a part of your portfolio, using them to supplement your retirement plan well before your golden years.
  2. They’re much too expensive. Just like an investment, fees and expenses can vary depending on the features involved. You’ll want to weigh the costs of an annuity against all the benefits you’ll receive. We can help you discover the options available to you and uncover its costs.
  3. You lose your balance after passing away. Depending on your annuity plan, the remaining balance will go to your designated beneficiaries in the event of your death.
  4. They’re too complex. Not all annuities are complex. An annuity is simply a contract you make with an insurance company to receive a guaranteed income stream during retirement. It’s important to understand all the types and how each work.
  5. They’re enough to cover all your retirement needs. While annuities are a great source of income during retirement, you’ll want to factor in your other sources of income and measure it against expected expenses.

Annuities can be integral to a comprehensive retirement plan. Don’t let misconceptions be missed opportunities. We’re here to help break down and simplify topics such as this. Reach out to our team and let us help you determine if an annuity is a suitable solution for your unique situation.

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The content within this document is for informational and educational purposes only and does not constitute legal or tax advice. Customers should consult a legal or tax professional regarding their own situation. This document is not an offer to purchase, sell, replace, or exchange any product. Insurance products and any related guarantees are backed by the claims paying ability of an insurance company. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.

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