What is an Annuity?
An annuity, in its most basic form, is an account or a contract with an insurance company.
The thing about annuities is that there are many different types just like cars. Some people need larger cars to move their families around, some people want smaller, faster cars, some need a car that can handle the snow and ice; it all depends on what you want and what you need. This is true for annuities too!
What Kind of Annuities are There?
There are annuities that will create a regular monthly income that could be important for someone who is at or near retirement. This is for someone who knows that they're going to need additional income every month.
There are annuities that are designed to pass money on to someone else. If you have put away more money than you'll need to spend, this type of annuity could be set aside to leave money for your children, grandkids, or even a charity.
There are also growth-type annuities for people who don't need extra money in retirement and won't need to pass their money on. There are certain types of annuities that do a very good job of helping you grow your assets.
Learn More About Annuities
So, is an annuity right for you? It all depends on where you are and where you want to be! If you would like to learn more about the different types of annuities and how they could help you, contact our team today!