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Are Annuities a Good Idea for Retirees?
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At some point nearing retirement, retirees often wonder: Are annuities a good idea for retirees?
The internet and world-at-large is full of conflicting information about annuities, and whether or not they make sense for today’s retiree.
The topic of annuities is definitely an interesting one since many retirees are in one or two camps:
- They either don’t know much at all about them,
- Or they completely fear and avoid them due to a horror story they read on the internet about someone else’s experience with an annuity.
Heck, even financial professionals have wildly different opinions on annuities and whether or not they are worth the benefits they can provide.
Some professionals love them, some hate them. I’m not here to settle that score, but to let you decide since ultimately people value different things differently.
More specifically, I discuss:
- Why Would a Retiree Consider an Annuity in The First Place?
- What is an Annuity? What is a Deferred Income Annuity?
- Pros and Cons to Annuities for Retirement
- Cost Considerations With Annuities
- Practical Uses of Income Annuities
Resources:
Sources:
- https://www.oecd.org/newsroom/healthier-lifestyles-and-better-health-policies-drive-life-expectancy-gains.htm (October 2017)
- R-P 2000 Mortality Table, Society of Actuaries
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