Who doesn’t want a guaranteed income stream to gather the litter of your crushed retirement plans? But, some annuities offer financial safety. Stan Haithcock, renowned as Stan The Annuity Man states, “Saying you hate annuities is like saying you hate all restaurants.” So, let’s dive in to learn a few important things about annuities.
What Is An Annuity?
“Annuities can produce an income stream you can’t outlive.”
It’s a contract with the insurance company that binds both the company and the annuitant into unbreakable contractual obligations. Upon breaching the policies, a high penalty cost is liable. The contract revolves around specific goals like legacy planning, lifetime income, long-term care costs, and principal protection cost.