MAKE ANNUITIES PART OF YOUR RETIREMENT PLANNING


As the baby-boomer generation moves into retirement, the 65-and-over age group will grow from 12% at present to 20% of the total population. The need for adequate retirement planning will grow, too. Projecting your financial needs for a secure and comfortable retirement involves making financial assumptions concerning inflation, future rates of return, and your life expectancy. The best financial retirement package will include a mixture of Social Security, pensions, IRAs, annuities, and investments.

Annuities can be part of your "package." They are purchased through an insurance company, and are bought with a single payment or with periodic payments. Your income usually begins when you retire.

There are two kinds of annuities:

A fixed annuity is like a long-term, tax-sheltered CD (Certificate of Deposit).

A variable annuity (VA) is like a long-term, tax-sheltered mutual fund.

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