The Annuity Everyone Needs — and Anybody Can Get
March 3, 2020 by Chris Kissell, Money Talks News
Finding and purchasing the right annuity — especially one with built-in inflation protection — can be a difficult and expensive chore.
But if you are smart and flexible, virtually any American retiree can grab such an annuity on the cheap.
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By waiting until age 70 to claim Social Security, you can create an annuity that will pay out the maximum monthly income for which you are eligible.
Even better, the federal government will adjust the payment upward each year to account for inflation — all at no extra cost to you. That is a virtually unheard-of benefit in the world of annuities, where inflation adjustments typically are available only as an expensive add-on feature.
All of this means delaying Social Security benefits can be a great way to add a little extra financial peace of mind to your golden years.
As Social Security expert Jeff Miller — co-founder of Social Security Choices, a company that provides advice on Social Security claiming decisions — wrote in a recent Q&A for Money Talks News:
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