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.Retirement Planning: factors to consider when choosing an annuity

Retirement planning is an important stage in the life of every American. Annuity plan is one of the tools to ensure financial stability in old age.
.Retirement Planning: factors to consider when choosing an annuity

When choosing an annuity plan, the following factors should be considered:

Age of getting retirement payments

It is important to decide when you plan to retire. If a person retires at the age of 50-55, their payments will be moderate, while a late start can provide higher payouts.

Annuity type

There are various types of annuities such as fixed, indexed and variable. Fixed annuity provides stable payments, indexed annuity is associated with rising inflation, and variable annuity depends on the results of investments. Choose the type that suits your needs and acceptable level of risk.

Size of initial instalment

Decide how much money you want to deposit at the start. This factor significantly affects the amount of monthly payments in the future.

Taxes and benefits

Learn the tax consequences of receiving annuity payments. Some annuity plans in the US are taxed less. 

The company’s reputation and reliability

Choose an insurance company carefully: study its ratings, reputation and financial statements.

Remember to also consult with a financial advisor who can help you develop the best plan for your unique financial circumstances and goals.

Source: https://mintgenie.livemint.com/news/personal-finance/retirement-planning-6-factors-to-consider-when-choosing-an-annuity-plan-151678796689563

Photos are from open sources.

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