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An annuity is a financial product that, when properly set up, can provide a regular stream of income for a specific period, or for the rest of your life. It is typically used as a retirement savings tool or as a means of generating a guaranteed income. Annuities have been in existence since Roman times. The word annuity originates from annua, or annual. 14th century annewytes, as they were spelled, were private annuities. This highlights the basic human need to have an income. Annuities are one way to fulfill this need.
There are a variety of annuity types, but the basic three are:
The lifetime income feature is particularly beneficial because it helps mitigate the risk of outliving your savings. With a lifetime annuity, you receive income for as long as you live, regardless of how long that may be. This can provide financial security and peace of mind during retirement, ensuring you have a steady income source to cover your expenses.
Reach out to me and ask me for a review to determine whether an annuity might be suitable to help you provide an additional retirement income stream that you can’t outlive, for your most basic expenses.