Planning Retirement With A Pension Annuity
When a person retires, they expect to enjoy life
. Whether going fishing, sitting on the beach, playing cards or just traveling. Unfortunately, when that moment arrives many find there are not sufficient funds to allow this to happen. Instead, there is pressure to just get the bills paid. That does not need to happen if one has a pension annuity.
In planning for retirement, some people are fortunate to have a pension coming from their employer because of all the years of work, plus social security. This dream has been destroyed for many workers because the company shut its doors or just laid off a lot of people. The company pension might be half what was planned which changes the dream of sufficient retirement funds.
People who are cautious look ahead to this possibility, knowing that things do not always work out as planned. As a result, they hedge against such a likelihood by taking out a pension annuity. With the annuity they can be sure that their retirement will turn out as planned.
Annuities can be obtained at any age but, of course, the earlier in life the better. They are purchased with premiums or by bulk investment. People planning to use them for retirement, as a rule, usually purchase them by premiums.
When a payroll deduction plan is used, many find that they do not even notice that some of their paycheck is going for this purpose. In addition, there is no possibility that one will forget to make a premium payment, which happens sometimes when paying monthly bills.
These are purchased from an insurance company and a person should sit down with their agent and review all aspects regarding the policy. This should include the premium, how the payments will be made, how much money needs to be in the policy, and when the payments will start. Some policies have a set amount that will be paid, others vary, which is important to know when setting up a plan of retirement.
In addition, there are annuities that have different forms of growth and payments. Traditional Fixed, Fixed Index and Multi-Year Guarantee Rate are just a few offered. One will also find policies that consist of investments that are handled for a fee. Because of the wide variety available, it is important to be completely informed of what to expect and plan accordingly. This is an assurance that one will be able to enjoy their retirement life in comfort and do the things that are looked forward to when that time comes.
by: Lance Thorington
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