An industry coalition has selected June as National Annuities Awareness Month. Annuities are a viable option for many Americans as they plan for their retirement. This month raises awareness of one of many opportunities for people to secure a financial future in retirement.
Per the ACLI, Americans are living longer than ever, many 20 to 30 years after they retire. A solid financial plan for retirement means more than just setting—and reaching—a savings goal. It’s important that you have enough money to meet your financial needs for many years.
One way to guarantee a steady stream of income for life is through an annuity. An annuity is an insurance contract that can help you build savings for retirement and convert your savings into income you cannot outlive.
With an annuity, an insurance company agrees to make a series of income payments—or payouts—to you in exchange for the premium(s) that you pay. An annuity is a long-term retirement security product. It is not meant to be used to meet short-term financial goals. An annuity is the only financial product that can guarantee lifetime income.
More great resources on annuities can be found at: ACLI.