Most of us have been hearing the word annuity for the longest time but are not totally aware of the meaning and scope of it, as well as its advantages. An annuity is an investment plan paid in lump-sum or through installment over number of years which in return will be given back to the contract owner monthly or yearly, depending on the agreed term. This is also known as a pension plan that income generating people acquire to provide a solution to their financial needs in their old age.
By nature, in terms of payment, this is almost the same with life insurance plan but this does not provide life insurance coverage. In life insurance plans, you protect your love ones when you pass away, with annuities, you protect yourself to the time when you already outlive your income.
If you are decided to get one, you can find annuity market place online like www.annuityadvantage.com/index.html. There you can choose the best plan that will suit your current earnings as well as the amount of guaranteed income that you need in old age.
Preparing for old age, especially, when we already outlive our income should be on top of our priorities. Let us be responsible individuals, let’s plan our future through this kind of investment and age gracefully and worry-free.
Comments
Dhemz
it's always good to think ahead and invest something for our family.
Maica Ocfemia-Figuracion
to Dhemz
Yes sis! It's so important to plan ahead for the welfare of our family most especially our kids.
jheylo
we've never invested in any kinds of annuities yet but I heard it's good and you can sell it if you want. I don't know […] Read Morewe've never invested in any kinds of annuities yet but I heard it's good and you can sell it if you want. I don't know much about it but thanks for sharing Read Less
Maica Ocfemia-Figuracion
to jheylo
I was a financial advisor before and I can assure you that saving in this kind of plan really work.
Joy H
I agree, annuities could be a good idea for those who are planning to buy a new car or a house...i wish i could do […] Read MoreI agree, annuities could be a good idea for those who are planning to buy a new car or a house...i wish i could do the same! Read Less
Maica Ocfemia-Figuracion
to Joy H
Yes, I hope we can all allocate a certain portion of our income for this kind of plan.
Chubskulit Rose
It's nice to have a retirement savings, we have an IRA.
Maica Ocfemia-Figuracion
to Chubskulit Rose
That's good!
Hyanne
This is perfect plan when you are already near retirement and you are right we should be responsible with ourselves so when we get […] Read MoreThis is perfect plan when you are already near retirement and you are right we should be responsible with ourselves so when we get older there's nothing else to worry and just enjoy life with our love ones. Read Less
Maica Ocfemia-Figuracion
to Hyanne
It's hard to pass on the burden of old age to our children. So, let's all be responsible and save up for our future.