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An annuity is a useful safety net especially when you have reached the retirement age. It is a fixed amount that is given annually; a form of insurance or investment that can be practical for the future.
However, it is also essential to know that annuity should be thought thoroughly. There are varieties of annuity to choose from, and it is better to discuss with a professional the set up you preferred.
To help you, here are three annuity myths we should be clear about:
Myth 1: All Annuity Offerings Are The Same
While they are all annuities in the first place, they are not the same. There are two types of annuity: 1) deferred annuity; 2) immediate annuity. The former is about giving your money to the insurance with the promise of return and an interest earn, and the latter is making a lump-sum deposit and making income through it immediately.
Each insurance company offers different terms; some even give customized ones. Know that all annuities are not the same and it is essential to research more about it.
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