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The 3 Best Annuities for Senior Citizens .pdf


Original filename: The 3 Best Annuities for Senior Citizens.pdf
Title: The 3 Best Annuities for Senior Citizens
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The 3 Best Annuities for Senior Citizens
The 3 best annuities an insurer will pay you as a senior citizen, can be chosen from a wide available
range. There’s life annuity, period certain annuity, deferred annuities, as well as joint and survivor
annuity.
Life Annuity
This type of annuity has the insurer paying you income for as long as you live. There are no benefits
for survivors. THis is ideal for those who do not have dependants. This is because all benefits cease
on death.
Period Certain Annuity
Insurers will continue to pay survivors an income for a specified period of time. Insurers will pay the
income for as long as one lives. If you die before a certain period however, the income will be paid to
the designated beneficiary til the end of that period.
Deferred Annuities
This is a good choice if you have certain needs and requirements. Find out about all the contracts
considered in the guide. There are two types-fixed and variable. Fixed ones warranty money will
accumulate at minimum specified rate of interest. Company may pay higher interest rate if
investment experience is better than a minimal warranty. Fixed deferred annuity also has an
element of guarantees. Warranties are conservative so the guaranteed amounts are payable should
the need arise. An equity index is one that pays interest linked to the stock market index. This
includes S&P 500.
Variable annuities differ in that the direction of distribution of money among several different
accounts and accumulated funds reflect the experience of the accounts rather than the company.
Variable annuities are more risky. Other types combine fixed and variable deferred annuities.
Conclusion
Choosing the right annuity depends on your financial situation, health and goals. For some, annuity
occurs on account of overall financial plan. For others, an annuity can be totally unsuited. Ask
yourself about the goals and the future plans as well as the risk your business is willing to take.
Check how much retirement income is needed in addition to social security or pension plan.
Make a check on the additional income for self and others and whether you will get enough cash to
make the money last and cover your expenses. Is there a single or multiple premium. Check if the
fixed annuity involves the initial interest rate and the length of time for which is guaranteed. Also
ensure you heed factors like whether the annuity will benefit the shareholder.
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Source:
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