Annuities might be a foreign concept, but once you understand the basics, things get pretty simple. In the same way mutual funds simplify diversifying your investments, annuities simplify getting your money when you actually need it—in retirement. They're a way to help make sure you can have a steady stream of income, even if the market doesn't exactly perform the way you want it to.
Annuities work like this. You pay money to an insurance company, and then they invest it. Over time, they'll pay you back while offering tax advantages. You won't pay taxes until the earnings on the funds are paid out to you. You choose how much you'll contribute, when you want to start receiving payments, and how long they need to last.
The upside is that there aren't many surprises. There's an income you can count on month after month, and in a good market, some annuities earn positive returns for a higher payout.
Many people choose annuities because:
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