Home / Annuity Basics – Getting Started

If you’re new to annuities and interested in learning more, there are two primary routes you can go; speaking with and expert or self-directed learning.

Ask an Expert

Speak with an expert who will learn more about your unique situation and can explain types of products that will best fit your needs and help you reach your retirement goals.
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Self-directed Learning

Utilize the resources on AnnuityFYI.com, learning at your own pace. Below, you will find links to information and videos to quickly bring you up to speed on annuities. Read on to determine if an annuity is right for you, and if so, what type of annuity might be the best fit. Self-assessments, check lists and warnings represent some additional content those new to annuities find especially helpful. Click the headings below for more information. At any time, feel free to reach out to the experts at Annuity FYI should you have questions.

What is an annuity?

An annuity is a contract between you (the annuity owner) and an insurance company. In return for your payment, the insurance company agrees to provide either a regular stream of income, the right to withdraw up to a certain percentage per year, or even a lump sum payment at some future time (generally, once you retire or pass age 59 1/2).

Is an annuity suitable for me?

For some, annuities can complement a total retirement income strategy to supplement other sources of money during retirement. Annuities have advantages such as allowing you to pay in unlimited premiums and they grow compound tax-deferred. (Upon withdrawals,** you will pay taxes on interest earned and the principal if the annuity was purchased with pre-tax dollars.) However, annuities are not for everyone.

What are the different types of annuities?

There are different types of annuities to meet the specific needs of individual retirees and pre-retirees. Annuity FYI can help simplify the selection process.

The Annuity Qualifier

Help me determine which may be the best annuity for my financial situation.

Retirement Self Assessment

What type of retiree or pre-retiree are you? Take this self-assessment consisting of ten statements designed to help you decide what may be the best use of your retirement dollars.

Annuity Checklist

You want to be well-informed to put your money to work in the best way for your situation. Annuity FYI suggests that, prior to making a purchase decision about an annuity, you consider some ideas about the product, the insurance company behind it, and the licensed professional selling it.

Annuity Warnings

Annuity FYI regularly publishes warnings about potential pitfalls in purchasing an annuity. Read this before you purchase!

Annuities: Find The Right One For You

What type of annuity might best suit your situation? This guide explains the main types of annuities and identifies what to look for in each.

 

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ANNUITY BASICS

The Hartford Transfers Pension Liabilities to Annuity

Yesterday, Hartford Financial Services Group Inc. announced that it will purchase a group annuity contract from Prudential Financial,  transferring $1.6 …

Retirement Literacy Study Confirms Lack of Knowledge

In an effort to study the retirement literacy of American adults nearing or in retirement, the American College of Financial …

Ohio National Launches Innovative Annuity Rider

In an effort to address both inflation and longevity, Ohio National has launched a new fixed indexed annuity (FIA) guaranteed …

State Regulators Consider Changes to Annuity Sales Standards

After the implementation of the DOL fiduciary rule earlier this month, state insurance regulators are starting to evaluate annuity sales …

Variable Annuity Enhancements from Transamerica

In an effort to provide customers with simplicity, flexibility and cost efficiency in retirement planning, Transamerica has enhanced its Transamerica …

Target Date Funds and Auto-Annuitization

The stress over how to drawdown retirement funds is a very real dilemma. Spend too much too quickly, and you …

ARTICLES & GUIDES

Retirement Literacy Study Confirms Lack of Knowledge

In an effort to study the retirement literacy of American adults nearing or in retirement, the

Shopping for an Annuity? Ask These Questions First

Annuity products have a bad reputation mostly due to their complexities and misconceptions. It

Annuities: Protection Against Market Volatility

In 2008, the stock market tanked in dramatic fashion, with the Dow declining by more than 50%. This

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