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A good way to think of annuities is as insurance against running out of money in retirement.
Pros and cons of annuity investments. Lifetime Income With an immediate lifetime annuity contract you are guaranteed periodic payments for as long as you live. Buying an annuity can tie your money up maybe for the rest of your life. The disadvantages of annuities greatly outweigh the benefits for people who require immediate access to their money or have adequate sources of retirement income.
Depending on your financial situation you may want to be cautious about using your savings to purchase an annuity. That could mean more money for your investments. At the same time your investments will not grow by the same amount that the stock market grew.
The main difference between this and owning stocks outright is that the portfolio is inside an annuity. An annuity is a legally binding contract with an insurance company that provides a guaranteed income stream to a person for life. The Cons of Annuities High Fees.
An annuity can give you retirement income for life. Annuities transfer the longevity risk the potential for a person to outlive their savings to the insurance company. The risk of you living a long and happy life is carried by the insurance company providing the annuity.
And most importantly when it comes to investing annuities are not right for an investment strategy that targets high rates of. If youre worried about outliving your money during your retirement then an annuity makes sense from an investment standpoint. Annuities come in many shapes and sizes but the philosophy behind the product remains relatively static.
An annuity investor seeking growth can create a portfolio consisting solely of common stock funds either managed or indexed. Like any investment option there are both positives and negatives to be found with annuities. Annuity owners who want to withdraw money from the annuity before a certain period typically 2 to 10 years have matured are often subject to heavy surrender fees.
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