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Arkansas Insurance Blog

What You Need To Know About Annuities

Future financial planning goes far beyond simple retirement plans with your employer. In fact, today, it is considered a wise strategy to have other retirement plans in place beyond simply what your employer might provide. Here at Adams Insurance & Financial, we want to help residents in Northwest Arkansas learn all they can about different future planning options, and this includes annuities. 

What Is An Annuity?

An annuity is a contract between you and an insurance company in which you pay into the annuity over time, and the insurance company guarantees fixed payments or a lump sum payment in the future to help with your retirement expenses. 

What’s Attractive About Annuities?

Annuities are often considered an attractive option because they do promise a fixed income stream for the future. There are several other types of investments that cannot promise this. Those who are serious about retirement want to have income streams that they can depend on in the future. An annuity is something you purchase now for a selected premium, and you can rest assured that in the future, this annuity will pay you a steady, reliable monthly income. Many people think of an annuity as a retirement paycheck. 

What Are The Downsides of Annuities?

The only real downside of this retirement option is that you do not have much flexibility for the money to work for you between now and retirement. Many other types of retirement investments do allow the money to work for you and grow even more over time. 

If you would like to learn more about annuities or other insurance products, please contact us at Adams Insurance & Financial serving Northwest Arkansas. 

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