Planning for Retirement - Is an Annuity Right for You?
Madison, Wisconsin—Money Smart WeekSM Wisconsin provides the opportunity for people to start thinking about planning for retirement. Annuities are among a number of savings options consumers have to consider when planning for retirement. Because there are many different types of annuity contracts and a variety of annuity options available, it can be difficult to understand.
"Annuities can be an effective investment tool for consumers wanting a steady stream of income for retirement," said Jorge Gomez, Commissioner of Insurance. "But annuities are complex investment products that may not be right for everyone."
Most annuities are long-term contracts and generally should not be considered or purchased for short-term purposes. You need to think about what your goals are for the money you may put into the annuity, as well as the risk you are willing to take. Ask yourself the following questions:
How much retirement income will I need in addition to my Social Security, pension, savings and any other income or investment sources?
Will I need an income only for myself or also for someone else?
How much can I afford to pay in premiums?
How will the annuity contract fit in with my total financial planning?
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