60: What Women Need to Know About Annuities

<p class="p1">Today, we talk all about annuities. Yet another powerful tool in your toolbox for taking control of your retirement, you can think of an annuity as a way to <span class= "s1">“</span>buy” your own pension.</p> <p class="p2"> </p> <p class="p1">But it<span class="s1">’</span>s just that: a tool. Like any other financial vehicle, there are pros, cons, and tradeoffs to think about.</p> <p class="p2"> </p> <p class="p1">An annuity is a contract issued mostly from insurance companies that provides a guaranteed income stream. Mainly, annuities are used for retirement.</p> <p class="p2"> </p> <p class="p1">Some people look at annuities as the best thing since sliced bread. For others, annuities are a total time and money-sink to even consider. But for most folks, we<span class="s1">’</span>d wager the reality is somewhere in between.</p> <p class="p2"> </p> <p class="p1">Listen in as Stephanie and Kevin lay out the must-knows of the complicated topic of annuities, and suggest some questions to ask oneself when it comes to making use of a specific annuity for your retirement plan.</p> <p class="p2"> </p> <p class="p1"><strong>Key Topics:</strong></p> <ul class="ul1"> <li class="li1"><span class="s2">“</span>What the heck is an annuity?” (3:30)</li> <li class="li1">Why you need to wait until you<span class= "s2">’</span>re 59½ before taking money out of an annuity (4:38)</li> <li class="li1">How annuities are taxed (5:42)</li> <li class="li1">Taking advantage of the lifetime income option (8:32)</li> <li class="li1">Other income options to consider (11:46)</li> <li class="li1">The cons of annuities and how best to work around them (15:24)</li> <li class="li1">The Four Ls of our needs in retirement (16:40)</li> <li class="li1">Deciphering important annuity jargon (17:48)</li> <li class="li1">Fitting an annuity into your retirement plan (20:17)</li> <li class="li1">Questions to ask yourself (23:00)</li> </ul> <p class="p2"> </p> <p class="p1"><strong>Resources:</strong></p> <ul class="ul1"> <li class="li3"><sp