Retirement is one of the most important milestones in many people’s lives. The goal is that by the time you're ready to call it quits and only engage with the kinds of work you enjoy, you’ve saved enough money and positioned yourself financially in such a way that you do not have to worry about the next paycheck ever again.
However, there are dozens of retirement options out there, and it may not be easy to choose the right one. That’s where annuities for retirement in Detroit come in. Annuities have been one of the most effective retirement vehicles for hundreds of years.
You would think that something this established would be more recognized, but the truth is that most people don’t understand the power and possibility that annuities represent. With that in mind, let’s take a look at a few hidden truths about annuities that might make you change the way you plan for retirement.
Most retirement options, be it a traditional investment portfolio or 401(k), come with some form of baked-in risk. Almost any financial vehicle that is tied to the stock market is not 100% secure from rises and drops. This volatility is a natural part of the stock market cycle.
That said, there is one notable exception: annuities for retirement in Detroit. Short of just keeping your money in a retirement account, there are really no other ways to have a completely safe retirement fund.
This may lead you to ask: how do annuities eliminate that inherent risk?
It’s the guarantee! Annuities are insured by a contract you commit to with an insurance company. The way it works is simple: you give a certain amount of money to an insurance provider, either as payments or a lump sum. In return, the insurer makes payments back to you at regular intervals. The rate and time of these intervals is typically determined by your contract.
The income from the annuities is guaranteed by said contract. That means that you have legal security backing your returns.
“Annuities” is a catch-all term, but over the years, more and more institutions have created different options to personalize your retirement plan.
Do you want to have some money tied to the market while still having some security for your long-term investment? Then fixed index annuities might be the best options for you.
Want to pay taxes on your income during your accumulation phase? No problem! Deferred annuities for retirement in Detroit offer exactly that option.
Whatever your idea for retirement happens to be, annuity options are flexible and variable enough to accommodate your desired plan. You don’t have to commit yourself to just one form of planning. Talk to your financial advisor, explain your expectations, and they will be able to guide you to the ideal solution for your financial situation.
What better place to get started than the company with “annuity” in its name? Trust the fiduciary experts at ABB Wealth Strategies to answer all your questions and find the ideal solution for you. We're always happy to help people take control of their retirement. Give us a call today!