There has been a lot of talk about deferred income annuities and their increasing popularity recently. To keep up with the trend, Fidelity Investments just introduced two new deferred income annuities to help finance future retirement needs. The company press release, “Fidelity Investments Adds Two New Deferred Income Annuities from Guardian and Principal,” offers some details on the products to be added to those already offered by Fidelity. The demand for products to carry people through their retirement financially is growing for two main reasons. First of all, people are living longer and need income to pay for that life. In addition to that, as traditional pensions have gone away, there is a huge need for a product to generate lifetime income during retirement. Fidelity has partnered with Guardian and Principal to meet this increasing demand.
Fidelity’s deferred income annuity line of products already includes MassMutual’s RetireEase Choice and the Guaranteed Future Income Annuity II from New York Life. Their new products are the SecureFuture Income Annuity from Guardian and Principal Financial Group’s Deferred Income Annuity. The Fidelity Insurance Network also offer immediate annuity products along with all of the deferred annuities. With the deferred products, you pay a lump sum premium and choose a point in the future where you will start receiving payments. Your income payments are guaranteed and offer you security in retirement because you can choose for them to last for the rest of your life.
Investors having increasing options from which to choose for their investments helps ensure they will find the best product to meet their needs. Fidelity’s senior vice president says that with more choices, investors are better able to protect their retirement savings and maximize what they get from the money they have worked so hard to save. Fidelity is offering a wealth of information to help investors understand their new deferred income annuities, as well as determining if the products are right for them. On their website, you can find their Viewpoints article helping you understand retirement income planning along with videos and brochures. They also have a free phone number and 180 nationwide centers where you can get retirement planning help.
Written by Rachel Summit