Annuities

So you’ve taken all the steps to protect yourself from disaster due to medical conditions and it’s time to think about how to protect your finances over the long term. What has that CD that you’ve rolled over for 10 years done for you? The rate of interest for a CD is virtually always less than that of an annuity, and many annuities offer guaranteed rates. Certain annuities offer an option of paying monthly interest to you, some offer bonuses for satisfying certain requirements such as leaving it for 5-10 years then taking 10%/year (that is an example, different annuities offer different terms). Because annuities are tax deferred your money multiplies faster. But before you decide there are a number of questions you must ask yourself.

 

  • What do you want your money to do for you?
  • Are you concerned about outliving your money?
  • Do you need the interest generated from this on a monthly basis?
  • Do you have other liquid assets to access in the case of an emergency?
  • Where is this money now?
  • What % rate are you currently getting?
  • Are you satisfied with that % rate or would you like more?
  • Do you qualify as an annuity candidate?
    • You want your principle 100% protected - you can never lose your investment
    • Tax Deferred - unlike a CD which is taxable each year
    • Accessibility - you can access up to 10% of your money each year without penalty (in some cases more)
 
     
 
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