Annuities As Part Of Retirement Planning
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...a variety of images – travel, a second home, new hobbies and pursuits. However, a comfortable retirement does not just happen. Those who have achieved financially satisfying golden years have invested in their future by using a number of different retirement savings building blocks. Individual Retirement Accounts (IRAs), Keoghs, 401(K)s and company pension plans are some ways people put money aside to assure the kind of lifestyle they desire when retired. However, after they have taken advantage of these systems for providing income to supplement Social Security, many have also chosen to purchase an annuity.
WHAT IS AN ANNUITY?
An annuity is a contract where an individual (annuitant) pays a premium (series of premiums or a lump sum), and in return, the other party agrees to pay a certain amount of money to the individual at stated intervals during that person’s lifetime (Fink, 2005). The income can begin immediately or be deferred to some...
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