According to a recent Kiplinger article, you should know 10 different things if you are thinking about purchasing an annuity product. With each type of annuity being different, you may want to review and find the annuity that best fits your retirement strategy.

With the volatile economic conditions currently caused by COVID-19, you need to be informed about what an annuity can do to guide you toward those retirement goals in the short-term and long-term. The number of years in your annuity also can make a difference on how you can access these dollars.

Kiplinger states that you should know the following 10 items before purchasing an annuity. Please review their article for detailed information.

• Immediate Annuities vs. Deferred Annuities
• How Much Do Annuities Pay?
• Annuity Payouts: Single Life vs. Joint Life
• Annuity Payouts: Men vs. Women
• Annuity Payouts: Older Buyers vs. Younger Buyers
• Consider an Inflation-Adjusted Annuity
• Low Interest Rates Will Sink Your Annuity Payout
• You'll Pay Fees for Cashing Out Your Annuity
• Deferred Annuities: Fixed vs. Variable
• Your Annuity Is Protected Even If the Insurer Goes Bankrupt

Taking the time to research annuities will help you plan for your future. Remember, an annuity is the only product that guarantees lifetime income over the term of the annuity.

If you would like a licensed professional to assist you, Annuity Alliance can connect you with a local resource to learn more about annuities. Please complete our Contact Form to reach out to our team.