Recently, as I was standing in line at the bank, I overheard the employees chattering excitedly regarding the upcoming lottery. Apparently it was going for a lot of money this time and people were hopeful. Everyone was talking about having a secure financial future and how it would be even better if it came so easily. They were all going to go in on some tickets so that in the event that they won, they would split the winnings. However, what happens if they do win? There are a few things that they probably hadn’t thought of in the excitement of the large pool. Payout options are the first thing that they should think about and decide before hand.
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Buying annuities could be a great option for you if you want a reliable source of income when you reach retirement. Annuities are mostly purchased by those who need help managing their income in retirement because they offer a set amount of money to the owner each month. An annuity owner often has a unique commitment to their annuity purchase, with 93% reporting they still own their first one.
What are Annuities? These are insurance products that pay out a set income once the payout period begins (usually when the owner is 59 1/2). Those who are investors will usually purchase an Continue Reading No Comments