Types of Annuity Plans: A Guide to Secure Retirement Income
When planning for retirement, one of the key concerns is ensuring a steady income stream that lasts a lifetime. Annuities offer a reliable way to achieve this goal, providing financial security and peace of mind. As financial professionals, we help individuals navigate different Types of Annuity Plans to find the best fit for their needs. In this guide, we’ll explore the various annuity options available and their benefits. What is an Annuity? An annuity is a financial product designed to provide a steady income stream, typically for retirement. It is purchased through an insurance company, and in return, the policyholder receives periodic payments over a specified period or for the rest of their life. Annuities can be an effective tool for retirement planning, offering benefits such as tax-deferred growth, guaranteed income, and financial security against longevity risk. However, understanding the different types of annuities is essential to making an informed decision. ...