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Annuity Tips: Choose the Right One for You


In a PR Newswire press release “How to Compare Annuity Features and Choose the Right One,” there is a summary of annuity tips taken from financial blog ChristianPF.com.  Since each consumer has a different situation, it is in your best interest to know the benefits and drawbacks to the different types of annuities.

Often considered the safest type of retirement vehicle by financial advisers, fixed lifetime annuities allow consumers to purchase guaranteed income for life.  With a fixed term annuity, the idea is the same but the time period is fixed at purchase, i.e. 5, 10, 15 years or more.  While it’s difficult to know exactly how long one will live, fixed annuities are also good for consumers who know that their need for income will lessen as they age.

Variable lifetime annuities and variable term annuities have the same time frame principal as the fixed annuities, but base the monthly income payments on the market and the underlying fund that the variable annuity is based upon.  With any annuity purchase, it is important to research the financial adviser that you go through rather than looking for the best deal.

The article mentions a few other options worth looking into.  Cost of Living Adjustments (COLA) attached to an annuity will account for inflation and cost of living increases so that your monthly payments rise over time.  By purchasing a Joint or Survivor Benefit rider, you guarantee that your spouse or another heir will continue receiving your monthly payments.  Since a 401k annuity rollover or IRA transfer are tax free, using that money to purchase an annuity is in your best interest.

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