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Why are annuities beneficial for women?

Women and men in retirement age have different social statuses. The income of the first is lower. Besides, women live longer; therefore they should save more for old age.
Why are annuities beneficial for women?

Men and women in the United States retire at the age of 67. People may retire earlier but the payout will be less. One can retire at the age of 62; however, in this case, the social pension will be only 70-80% of the accrued monthly payments depending on age and occupation. The monthly payments increase by 24% in case of late retirement (at the age of 70).

Experts recommend the ladies to invest in life insurance companies. Lifetime annuities have high rates and guaranteed payouts. These deposits have other advantages such as tax deferral and rates higher than the ones in pension funds In the United States. Besides, life annuities became a good addition to retirement plans long ago.

Another annuity pro is the receipt of payments in case of longevity. When an annuity owner has exceeded the expected life expectancy and all the savings have been exhausted, the person will receive income.

Source: https://www.professionaladviser.com/professional-adviser/news/3083496/greg-neilson
Photos are from open sources.

 

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