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Want to Convert Your Life Insurance to an Annuity? What You Need to Know.
If you're considering converting your life insurance policy to an annuity, several important factors must be considered. Here's a comprehensive guide to help you understand the process and make an informed decision. Imagine this scenario: Tom will retire in a few years. Decades ago, he opened a life insurance policy to provide security for his young family. His children are grown now and financially secure. He continues to pay the insurance premium but feels the policy is more than he needs. He’s considering transferring the policy to an annuity to provide a stream of income for his retirement. But he [...]
How Does a Fixed Annuity Work and What Are the Benefits?
Like general annuities, a fixed annuity provides guaranteed income for people heading into retirement. The annuity is also a contract—with variables. And that can make choosing the right one challenging. Take Jackson, for example. He’s in his early fifties. His mother passed away several months ago, leaving him an inheritance. He wants to invest the money as soon as possible. Jackson hears about fixed annuities for building retirement income. He sifts through online articles but finds it difficult to sort out the details. Jackson talks to his retirement specialist who explains how a fixed annuity works and the benefits of [...]
Income Annuities: A Good Retirement Income Choice?
Income annuities can get complicated. There are different types of annuities with many variables. Additionally, getting one started often requires handing over a large sum of money. If you are close to retirement (or in it), an annuity may be a good fit for reinvesting money tucked away in savings and CDs, mutual funds, 401(k)s and IRAs. But how do you know which is the right annuity to guarantee a predictable income stream for retirement? Meet Stan. Stan is concerned about outliving his income. He wants to enjoy his retirement without worrying about money. The thing is, he’s read about [...]
Should You Roll over Your 401(k) When You Retire?
Do you wonder if you should rollover your 401(k)? After all, your last day at work is coming up. You’re dreaming about your new freedoms — like meeting friends for coffee on a Monday ... in your running gear. Over the years, you’ve invested in your 401(k) with the added benefit of your company’s matching contributions. Now, with that final check just around the corner, it’s time to make some decisions about your 401(k) plan... Roll over your 401(k) and make a clean break from work Along with clearing out your desk and grabbing the plant, this might be a [...]
