One option for retirement investing is annuities. Annuities are a series of payments made at equal intervals. You can either receive your income in lump sums or periodic payments (ex. monthly, quarterly) that will payout during retirement. There are a number of different types of annuities to choose from, so it can be difficult to know which one is the best for you.
The most common types of annuities include:
Multi-Year Guaranteed Annuities (MYGA’s)
This type of annuity has a set fixed interest rate for a certain period of time. Once that time is up, you can do what you please with your money or you can leave it in for a monthly period of time if you are happy with the interest rate that is being offered.
Multi-Year Guaranteed Annuities are great for those who want the comfort of being able to access their money at some point.
Fixed Indexed Annuity
This type of annuity has a fixed interest rate and grows from external market indexes. This protects your annuity from possible market loss. This annuity provides you with gains when the market is good while protecting you when it is bad.
Fixed Indexed Annuity is great for those who are wanting to grow their income over time without worrying about market loss.
Single-Premium Immediate Annuity
This type of annuity can provide a lifetime income or an income for a certain period of time and is often used for clients with a specific need.
Single-Premium Immediate Annuity is perfect for those who don’t want to worry about the growth of their income and just want to receive consistent payments.
Which One Should I Choose?
Not only are there a variety of other types of annuities, but everyone’s financial situation is different, and different annuities will serve some better than others. If you are considering annuities as part of your retirement investment, you should contact a financial planning or retirement planning professional. They will be able to help you pick the right one for you and get started on a financial plan that will lead to the outcome you are looking for.
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If you want to start planning for your financial future and your retirement, contact Care Financial today! Our professionally trained team is ready to help you on the road to financial freedom and stability. Give us a call today to get started.
