Cushioning Your Nest Egg With A Retirement Annuity
A retirement annuity may be the answer to our questions about our retirement
. In recent years, we have seen very bad things happen in our economy. These things have led to our doubting our retirement accounts; and with good reason. Over the past decade, we have seen retirees returning to the work force in record numbers. There are many reasons for this, but they are all based on the fact that something happened that caused these people to not have enough saved in their retirement accounts.
From children in trouble to unforeseen financial issues, the reasons for coming out of retirement are myriad. It could be that your children need help, and you, being the parent, come to the rescue. Due to the tough economy, they are unable to pay you back and you are forced back into work. Perhaps you made bad investments, and you have lost much of your retirement. Either way, if you run out of money then you are either going to be forced out of retirement or into the care of your family.
A retirement annuity can help you once you have maxed out your other retirement options by providing a nice cushion to your retirement. The annuity is an insurance policy, and works like any other insurance policy. You pay your premiums either monthly or in a lump sum, and upon the occurrence of the insured event the benefit is activated and you begin to receive monthly payments. These payments are in addition to any you may already be receiving, plus any profits or interest earned, and then minus the cut from the agency and your income taxes on the earnings of the account.
You can choose to save the additional income from the annuity, to reinvest it or to spend it as you see fit. The annuity is yours; just like any regular income you would normally earn. A retirement annuity can provide exactly what you need to get you out of those sticky situations, or just a nice boost to your retirement income so you can enjoy a new hobby, see the world or sit back and relax with your family.
There are many different types of annuities, and they range from provider to provider. By doing your research, shopping around and talking to professionals you can be sure to make the best possible decision regarding your retirement. Your accounts may provide more than enough for your retirement, or you may be able to benefit from the annuity. You should speak to your financial advisor and insurance professionals before settling on any one option in a retirement annuity.
by: Katherine Smith
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