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Nov 25, 2020

Regardless of what you know about annuities, you’ve probably heard an opinion about them. This investment tool, like any other, can be good or bad for your personal retirement plan, but is it?

Well, we’ve gotten a lot of questions about annuities recently because of all the market volatility. People are looking for ways to create reliable income and the annuity will always be a product that comes up in the conversation. So we want to use this episode of My Smart Retirement to educate you about how they work, why people choose them, and what our experiences have been.

Maybe the biggest thing we want to stress throughout the conversation is to do your homework. Ignore what you’ve heard about annuities and take the time to get the facts and become informed. They might not work for your goals but they might be exactly what you need. Every tool is valuable if used correctly and that’s no different with annuities.

One thing we’ve found is that the majority of people who need annuities are usually approaching retirement. The ages we normally see are between 55 and 75 with the peak around the early 60s. But when you get to this age, don’t just look up information online. This is such a nuanced product with so many different options that you need to take a detailed approach to planning.

That’s something we would be happy to work with you on. Give us a call and take advantage of our complimentary retirement plan.

Use the timestamps below to hear a specific segment.

1:08 – Why we’re talking about variable annuities today

2:09 – Annuities for many people are emotionally-driven

4:01 – Investments as a tool  

6:41 – Get the facts and then form an opinion

8:11 – Annuities have been evolving from income to growth

11:20 – Indexed annuities

12:24 – First thing you need to decide

15:37 – Planning becomes key

17:06 – Look deeper into annuities

18:33 – Who needs an annuity?


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