Wednesday, August 14, 2013
Using an annuity for a retirement plan is common, but as a consumer, it is difficult to discern which annuity to use and which to stay away from. Certified financial state planner Ashleigh Brooker has outlined a few tips on deciding if an annuity is the right retirement vehicle.
- Know about the details of the contractual agreement and understand the annuity.
- Rank flexibility in your list of priorities. If flexibility is important, choosing a different retirement vehicle may be the best option.
- Some annuities have survivor benefits, but many do not. If leaving behind an inheritance is important, then making sure that you have an annuity with death benefits is key.
See Ashleigh Brooker Questions to Ask Yourself When Considering Annuities, The State, Aug. 10, 2013.