Annuities are often misunderstood. Understanding annuities is critical for securing reliable retirement income and using annuities effectively for long-term care and estate planning purposes. If you would like to receive an Annuities – Common Misconceptions and Mistakes factsheet, please click on the link to request this financial literacy

One of the reasons someone would want to take a lumpsum is to transfer/rollover funds into a better performing income producing annuity with a higher projected guaranteed lifetime income. Another reason for taking a lump-sum payment would be to integrate funds into a long-term income

Income for life plans are designed to provide a long-term guaranteed, steady stream of income (or guaranteed multiple streams of income taken strategically over an investor’s life). These plans mitigate risks like market volatility, inflation, and outliving savings, and provide long-term financial security.

Shifting from an accumulation to a decumulation (or distribution) phase is done gradually. The process typically starts when you are 10 or less years away from your retirement. It starts by taking a certain percentage of your retirement assets