What Is Annuity
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An annuity is a contract between you and an insurance company that allows you to deposit a certain amount of money. In return, the insurer makes payments to you over a period of time spelled out in the contract. An annuity may also provide income to another person, such as a surviving spouse. An annuity is not… …a life insurance policy, although some include death benefits. An annuity is not a savings account—generally there are tax penalties for withdrawals before age 59 ½. Do I need an annuity? First review all of your savings plans, pensions, Social Security or retirement funds to determine whether you have a need for an annuity in your overall planning and retirement strategy. If you find that you do, become fully informed about what benefits annuities provide, how they work and whether the annuity you are considering is the right one for you based on your age, personal financial needs, objectives, and risk tolerance. A comprehensive consideration of your needs is the first step in any sound retirement strategy.