Navigating your way to the unbiased truth of what you are wanting to know about retirement and annuities can be a frustrating challenge in a deluded web of worldwide opinions. I know for me, when I’m trying to find a solution on the Internet I really just want people to get to the point and you may be in the same boat. I will keep this blog simple, and to the point.
Simply put, it is very likely that you qualify to start an annuity. If you want to know what kind of annuity would work best for you, I suggest reading my blog entitled, “What is an Annuity?“
The best kind of annuities will offer you, safety, security, guaranteed income for life, and participation in stock market growth, with no risk to any market downturns. Obviously the amount of guaranteed income you would get is determined by how much you put in the annuity. Usually the most lucrative annuities are the kind where you contribute a lump sum of money to get things started. I always suggest having at least $25,000 in separate emergency funds/liquid savings, as well as $25,000 which you want to place into the annuity. The sky’s the limit on how much you can place into annuities, although sometimes you may need to get multiple annuities, depending on the amount of money you are desiring to safely grow. If the lump sum of money is placed into, for example, the right kind of “fixed indexed annuity”, this will give you the option of very healthy growth within benefits mentioned at the beginning of this paragraph.
There are a number of annuities available (depending on where you live), where you can also contribute smaller amounts of money over many years; so, even if you don’t have a large sum of money, you could very easily qualify for one of these. And, as I mentioned above, there are numerous variations of annuities in their basic forms, and many of which will allow you to contribute in an ongoing manner.
One of the biggest things which will determine if you qualify to get an annuity, is the fact that you need to make sure you can leave that money for an extended period of time for the purpose of saving it for your retirement years. You don’t want to pull this money out before you are 59 1/2 years old otherwise you will be penalized by the IRS. Along with this, it is important to make sure you have enough for your own personal needs and emergencies, for the sake of not having to tap into your annuity before the proper time.
To sum everything up, I always like to ask people, “what is the purpose of this money for you?” Next, make sure you have enough in emergency funds. Finally, if you have any amount of money beyond this, all that needs to be done is to find the best annuity to suit your needs and plans. Annuities have been used for safely growing many peoples dreams for many centuries and they will continue to reliably do so for many years to come.
