16 Things You Need to Know Now About Annuities
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May 3, 2021, 11:00 AM·21 min read
With the retirement playing field littered with crushed investments and dreams, the safety of guaranteed income streams looks more attractive each day. Some annuities can provide such a guarantee.
If you ask an insurance company to define annuities, the marketing phrase the insurer will probably use is: "Annuities can produce an income stream you can't outlive." That can be true. Annuity payments can last for as long as you live -- or even longer -- because the payments are based on your life expectancy.
On the surface this sounds great, but annuities are among the most commonly misunderstood and misused financial products. "If you say the word 'annuity,' what do you mean? There's so many different types," says Stan Haithcock, also known as Stan The Annuity Man. "Saying you hate annuities is like saying you hate all restaurants."