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Everyone dreams of having the right amount of money in retirement and never having to worry if it will disappear or last long enough. There are many annuity products currently on the market that can help provide a secure stream of income during retirement.
Certain types of annuities and add-on benefits include:
Fixed annuities with principal protection and no market exposure.
Fixed Index Annuities with principal protection and the potential for higher earnings with increases in a linked Market Index. Some of the available features through fixed index annuities are bonuses, various crediting methods, death benefit riders, and income riders that give you choices on how to grow your money.
Riders available for an additional annual premium often include protection against inflation and other benefits.
Keep in mind that all annuities are not created equal. Some are better than others. With all good plans, it is important to know your wealth management strategy first and then decide if an annuity fits that strategy.
Most annuities have a surrender period for the first 5 to 15 years of ownership; early withdrawal will deplete your principal by the amount of surrender charge still in force. Bonus annuities may carry higher fees and charges than annuities without the bonus feature, which may only accumulate interest prior to annuitization and may not pay the bonus in case of early withdrawal.