Although annuities come at a significant cost, they may be a suitable insurance product. Given that retirement funds may need to provide income for 30+ years, longevity is a big risk. An annuity can provide you with a flow of income that you cannot outlive. Plus, its internal growth is on a tax-deferred basis.
You can select an annuity to cover your life only, and at additional cost, have a percentage of your benefits continue to your spouse after your death. This provides your spouse with a baseline of guaranteed lifetime income. Read More→