People everywhere are finding themselves in need of money fast due to difficult economic times. The CEO and President of NAVA, The Association for Insured Retirement Solutions, Cathy Weatherford has advice for people in this situation. Before taking any action, consider the following tips.
- Talk to your financial advisor to discuss all of your options before tapping into retirement funds
- Remember why you purchased your annuity in the first place-security and lifetime guaranteed income. Don’t put your future at risk due to your current financial needs, especially with the possibility of penalties.
- Some annuities allow you to withdraw a percentage each year until you begin receiving monthly payments. If you own this type of annuity, be sure not to withdraw more than the allotted percentage. Talk to an expert about the details so you don’t over withdraw and lose your annuity.
- Make sure to read all of the correspondence from your annuity holders to stay on top of the information. The industry is releasing new products to further help you, along with continuing our excellent customer service and disclosure of terms.
In summary, allow yourself the security, guaranteed income, and peace of mind in retirement that you planned for when purchasing your annuity in the first place.