Here's something you won't hear from most people in my industry:
Not everyone needs an annuity.
If you have a pension that covers your expenses, Social Security that fills the gaps, and enough liquid savings to handle emergencies — you might not need one at all. And that's perfectly fine.
But if you're like most of the people I talk to — somewhere between "I think I'm okay" and "I'm not really sure" — it's worth spending two minutes to find out where you stand.
Four questions that decide it
- Do you have income sources that cover your basic expenses?
- How much of your portfolio do you need liquid access to?
- Are you comfortable with market fluctuations affecting your retirement income?
- How long do you need your income to last?
Answer those honestly and you'll have a clearer picture of whether an annuity might make sense for your situation — or whether you're already in good shape without one.
There's no sales pitch at the end of that exercise. Just clarity.
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Author of Indexed Annuity Secrets and founder of Pacific Ridgeway Insurance Solutions in San Diego. Navy veteran. Licensed financial professional, CA #4132743.
Fixed indexed annuities are insurance products, not investments. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. This article is for educational purposes only and is not financial, investment, tax, or insurance advice.