An annuity!? I’ll be honest, as an independent financial planner without any affiliation or incentive to sell particular products, I despise annuities (generally speaking). This is because you give up so much chance for asset growth for a guaranteed income stream. The fees are high, and the commissions taken by annuity sales-reps are typically very high. Why? Because they are so profitable for the annuity seller. I’ll go one step further to say that annuities prey on retired, older women. I’ll leave it at that. I don’t want to go down that rabbit hole. But I run into people all the time that have an annuity, either through work, personal purchase, or another means. For example, sometimes it’s a provided work benefit that your employer pays into, but you don’t. Then that annuity will be free money when paying out. So having an annuity isn’t necessarily bad. However, please reach out to us if you are thinking of purchasing an annuity. We really want to prove our point that annuities should only be acquired in rare circumstances.
