60: What Women Need to Know About Annuities

Take Back Retirement

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1+ y ago 32:40

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Today, we talk all about annuities. Yet another powerful tool in your toolbox for taking control of your retirement, you can think of an annuity as a way to “buy” your own pension.

But it’s just that: a tool. Like any other financial vehicle, there are pros, cons, and tradeoffs to think about.

An annuity is a contract issued mostly from insurance companies that provides a guaranteed income stream. Mainly, annuities are used for retirement.

Some people look at annuities as the best thing since sliced bread. For others, annuities are a total time and money-sink to even consider. But for most folks, we’d wager the reality is somewhere in between.

Listen in as Stephanie and Kevin lay out the must-knows of the complicated topic of annuities, and suggest some questions to ask oneself when it comes to making use of a specific annuity for your retirement plan.

Key Topics:

“What the heck is an annuity?” (3:30)
Why you need to wait until you’re 59½ before taking money out of an annuity (4:38)
How annuities are taxed (5:42)
Taking advantage of the lifetime income option (8:32)
Other income options to consider (11:46)
The cons of annuities and how best to work around them (15:24)
The Four Ls of our needs in retirement (16:40)
Deciphering important annuity jargon (17:48)
Fitting an annuity into your retirement plan (20:17)
Questions to ask yourself (23:00)

Resources:

If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com

You can find the transcript and more information about this episode at www.takebackretirement.com.

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