begin paying income almost immediately (within a year) after a single lump-sum payment.
Provides returns based on a stock market index with a "floor" to protect against losses, though upside is usually capped. 3. Evaluate Pros and Cons When do annuities make sense | Retirement - Aviva buying an annuity
Covering potential future medical or confinement costs. 2. Choose the Right Type of Annuity begin paying income almost immediately (within a year)
Offers a guaranteed interest rate and predictable payouts. buying an annuity
Annuities are categorized by when they pay out and how they grow:
Before looking at products, ask yourself what you want the money to do for you. Common goals include:
accumulate value over a period before starting payouts at a later date. Growth Mechanisms: