How much money do you need for an annuity?
September 3, 2024 by Rachel Christian
Annuities are one way to secure a stream of income in retirement. You fund an annuity with a lump sum or a series of payments, and in return, a life insurance company promises to provide you with a stream of payments — either now or in the future — for a set period or for the rest of your life.
But determining the right amount to invest in an annuity is a complex, personal decision.
In this article, we’ll break down how much money you need to buy an annuity and how your initial investment impacts your payout.
Click HERE to read the full story via MSN
Wink’s Moore on the Market: “How much money do you need for an annuity?”
Literally- at least $100.
Not all deferred annuities allow “ongoing investments.”
Precisely 58% of the 1,771 deferred annuities available for sale today only accept a single premium payment.
Um…mortality and expense charges don’t exist on 86% of deferred annuities.
And the recommendation that “experts generally recommend allocating a relatively small portion of your retirement savings to annuities, usually no more than 5 to 10 percent” is reckless.
What if the client needs to guarantee 60% of their income? Each clients’ needs, goals, and objectives are different.
“That’s why annuities are often marketed to people with high net worths.”
H-I-larious.
The average annuity is purchased with $165,847. These products are typically marketed to middle America.
I’ve reached-out to this journalist. Hopefully, we can establish a relationship, to ensure accuracy in her reporting forthwith. -sjm
