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Many people see annuities as an extremely rigid account with little freedom, but annuities are actually a great investment that allows for a lot of flexibility before you annuitize. You can use it for many different things including retirement and as a form of insurance. You’ll be able to put away money every month for when you retire, and you can protect your family from accidents by buying a structured settlement that’s attached to your annuity. This settlement will insure a specified amount of money will go to your beneficiary if you are in an accident somehow. I can make payments on the settlement and grow it if I want to. I can also sell my structured settlement payments if I don’t feel that I need it anymore.
You can still touch your money if you have not annuitized yet usually without any sort of penalty. Since they are retirement accounts, you’ll be able to get some tax breaks either when you put the money in or when you are taking it out during retirement. The important thing is to figure out exactly what you need out of your annuity and go from there. You don’t want to buy a bad annuity and have to sell structured settlement because you can’t afford it.
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