A Woman's Guide to Annuities. Retirement tends to be a bigger challenge for women: lower lifetime earnings equal lower retirement income. Women also live longer than men and must make income last for a longer period of time. Annuities may help women overcome retirement obstacles.
The Individual Annuity: A Resource In Your Retirement. This guide has been prepared to help retirees understand what an individual annuity contract is, what options are available, and how the right choice might enhance retirement security.
Individual Annuities: Purchasing Tips. An annuity is a long-term financial contract. You should enter into an the annuity arrangement only after a thorough review of your personal finances and retirement goals. To help you better understand what to consider before purchasing, review these tips.
Annuities offer flexibility in the way you can receive payouts. You usually can choose from a number of options how long you want income payouts to last and if you alone or you and someone else will receive the payouts. The options you choose will influence the amount of money you receive. Some common forms of payout include:
Annuities offer other income options that don’t guarantee income payouts for your lifetime. For example, you may be able to choose to receive income in a series of payouts for a set number of years, or if you have a deferred annuity, in a lump sum.
Most deferred annuities let you take a certain percentage (usually 10%) of your money out each year during the accumulation phase (when you’re still paying premiums and haven’t started to receive payouts) at no cost.
If you withdraw money from an annuity or cash it in early to buy another annuity or for any other reason, there may be a surrender fee or withdrawal charge in the early years of a contract.
Note: Withdrawals from your annuity contract also may reduce the death benefit available or any guaranteed living benefit.
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