No matter what your age, retirement is always looming. You may think you are too young to be thinking about retirement, but the earlier you start formulating a plan, the better chance you have of enjoying a comfortable retirement. The days when you could count on an employer pension to supplement your Social Security are in the past. You have to create your own long-term financial security. At Adams Insurance & Financial in Northwest Arkansas, we want to help you create a plan you can afford today and give you a secure future.
Like many insurance products, annuity insurance isn’t just one product. There are variables. The common thread is that they are designed to provide a steady, reliable stream of income when you retire. They are also a way to put more of your income into a tax-deferred account. While a 401K has limits on how much you can save each year with annuities, there is no yearly limit. On the other hand, the money in your annuity is not insured by the FDIC. The safety of your annuity is based on the financial security of the company you choose to purchase it from.
People are living longer, which means you need to provide a much longer income stream in retirement. Like many financial planning products, you have choices about the risk level you feel comfortable with. You can increase the growth of your annuity with a product that has a level of risk. But with no guarantee, these products are not perfect for everyone. Talking to your financial advisor is the best way to determine if annuities are for you and what type of annuity you are comfortable with.
Contact Adams Insurance & Financial in Northwest Arkansas to discuss annuity insurance and how it figures into your financial planning.