Our lives have been turned upside down during the last few months because of the COVID-19 pandemic. The shock of losing their jobs has affected 40 million Americans and counting. What about retirees? What kind of recourse is there to fall back on? Turns out right now is a great time to look into annuities and secure your financial future.
As minor retirement expenses accumulate, you have to consider the bigger picture. Will your nest egg last through your entire lifetime? On average, most Americans retire by the age of 62, which means many retirees must cover living expenses for around 17 years. An annuity is a long-term investment that you purchase from your insurance company. They are explicitly designed to protect you from outliving your income. For many senior citizens or people over 50, annuities are an integral part of a successful financial retirement portfolio. Annuities help build tax-deferred savings to cover retirement costs like living expenses and healthcare.