Individuals who have used their life insurance policies as vehicles for investing in the future over the past few decades have enjoyed more than just security and peace of mind. Many have experienced returns beyond their wildest dreams.
The greatest difference between a fixed annuity and a variable annuity is that the return on a fixed annuity is just that: fixed. If you invest in a fixed annuity, you are guaranteed to make back your investment plus a pre-determined rate of interest. With a variable annuity, you are guaranteed a minimum payment, but the return you get on your investment is dependent on the performance of the money market instruments in your annuity account.
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When it comes to retirement planning, you can hardly afford to make mistakes. Imagine yourself, 20 years into your retirement, assessing your portfolio and realizing that it has dwindled down to almost nothing. You are still in good health, but the only income you can expect from this point forward is a paltry pension or Social Security check once a month--if you are lucky.
If you are familiar with CDs, or certificates of deposit, then the concept of a fixed annuity should be fairly easy for you to understand. A fixed annuity works like a CD, but is generally higher yielding and is issued by an insurance company rather than a bank or credit union.
When it comes to retirement planning, you can hardly afford to make mistakes. Imagine yourself, 20 years into your retirement, assessing your portfolio and realizing that it has dwindled down to almost nothing. You are still in good health, but the only income you can expect from this point forward is a paltry pension or Social Security check once a month--if you are lucky.