Ryan Wheless of Allied Wealth discusses the different types of annuities.
When seeking to understand whether an annuity might be a good fit for your retirement plan, you should go through the education on the pros and cons of all the different types of annuities in order to understand which might work best for your situation.
In this episode, these 4 different types of annuities are discussed:
1. Fixed Annuities: These annuities provide a guaranteed fixed interest rate for a specified period of time. They are relatively low risk and are suitable for individuals who want a predictable income stream.
2. Variable Annuities: These annuities offer the opportunity to invest in a range of investment options such as stocks, bonds, and mutual funds. The payout is based on the performance of the underlying investments.
3. Immediate Annuities: These annuities provide a regular income stream immediately after the initial payment is made. They are suitable for individuals who want a guaranteed income stream in retirement.
4. Fixed Indexed Annuities: These annuities are a combination of fixed and indexed annuities. They offer the safety of a fixed annuity and the opportunity for growth based on market performance. It’s important to note that annuities have different fees and charges associated with them, and it’s essential to understand the terms and conditions before purchasing any annuity product.
Also read: Constrained Retirees: Income And Planning
About:
Our Channel “ ON THE MONEY“, is powered by Allied Wealth, Houston’s premier wealth management and financial planning firm. On the Money brings viewers educational, topic-driven, and real-life financial scenarios every week.
Topics we will be covering are Retirement and Financial Planning, Investment Selection, Retirement Income Planning, Taxes and Taxation during Retirement, Healthcare, Long Term Care, Legacy and Estate Planning, in addition to important Market and Economic changes impacting Retirement.
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