Annuities are insurance contracts that make regular payments to you either immediately or at some point in the future. You can purchase an annuity to help grow or protect your retirement savings or to provide you with guaranteed income.
Are annuities right for you?
Annuities can play an important role in your retirement plan. Whether you are trying to increase your retirement savings or you need guaranteed income, there are annuity solutions that you should consider.
How income annuities provide income while living in retirement
Income annuities may be appropriate for investors within one year of retirement because they offer guaranteed income for life or a set period of time. Because they provide reliable, guaranteed income, these annuities may enable investors who hold them to take a more aggressive approach with other assets in their portfolios.
Keep in mind that you may have limited or no access to the assets invested in immediate income annuities.
Immediate fixed income annuities
Immediate fixed income annuities offer a guaranteed, predictable payment for life, or for a certain period of time. Your guaranteed income payment cannot be affected by market volatility, helping shield your retirement income from market risk.
A cost-of-living increase is available to help keep pace with inflation.