Annuities are categorized by when they pay out and how they grow:
Returns are tied to market-linked subaccounts (like mutual funds), offering higher growth potential but also the risk of losing principal. buying an annuity
Offers a guaranteed interest rate and predictable payouts. Annuities are categorized by when they pay out
accumulate value over a period before starting payouts at a later date. Growth Mechanisms: buying an annuity
begin paying income almost immediately (within a year) after a single lump-sum payment.
Safeguarding your initial investment from market losses. Lifetime Income: Ensuring you never outlive your savings. Legacy: Leaving a specific benefit for your heirs.
Before looking at products, ask yourself what you want the money to do for you. Common goals include: