There’s a lot of uncertainty in life, but your finances are not something you want to leave up to chance when it comes to retirement. Sure, you can put money away into a retirement fund, but if it’s tied to the stock market, you are essentially gambling away your hard-earned money. If you are looking for a secure and reliable income after retirement, here are the reasons why you should consult with the best annuity company in Oakland County.
An annuity is a financial option guaranteed by a contract between an individual and an insurance company. When you own an annuity, you make regular payments to your insurer over a pre-determined period. After you’ve met the terms of the contract, the insurer then pays you either a series of regular payments month to month or a single lump sum depending on the contract terms.
Annuities have been around for centuries for good reason – they are a safe and effective method of protecting your retirement income. There are several benefits to having annuities, including:
Perhaps the biggest reason so many people choose an annuity company in Oakland County is being able to count on a guaranteed income well into retirement. Many retirement plans are designed to last for a specific period, but funds could quickly run out if retirement lasts 20 to 30 years. Annuities curve this problem by providing income well past what many retirement plans can cover.
An added benefit of annuities is that you can choose when your payments begin. Whether you need money next year or ten years from now, you have control over your plan. This allows you to count on funds when you need them most.
Annuities, like many other retirement options, are best utilized as supplements to other means of income. By combining portfolio earnings, social security, and annuities, you establish a solid base of income that is diversified among several streams. This means added protection for your financial situation over the long term as you are not forced to rely on a single line of income.
There are a ton of different annuity options available in the market. This variability allows you to choose the best annuity company in Oakland County that best fits your existing retirement plans and financial situation. Ultimately, having the flexibility to establish a plan that works best for you, gives you the freedom to retire however you choose.
Many annuities also offer the option to continue payments if the primary policyholder were to pass. In this case, your family can continue to accrue payments from your annuity, so they are taken care of in a worst-case scenario.
At ABB Wealth Strategies, we are dedicated to helping you secure your financial future in retirement. Call us today to learn more about how we can find the right annuity for you!