Retirement is a point in one’s life where a person no longer works. Once a person reaches this period, the retiree ought to be busy with enjoying life without the need to work anymore. However, problem might arise if when a retiree does not have financial stability. This is where Annuity comes in to the picture. The main role of annuity is to insure that the person will still be able to receive money after retirement based in the agreement settled between an individual and an insurance company. Given that a person has availed this prior to the retirement, there is no doubt that that individual will still have income for the rest of his life.
With the advancement of health and wellness awareness of people, people are not more health conscious. As a result, people are living a healthy life and more likely to live longer than the previous generation. Therefore, there is a huge chance now that people will live longer than their retirement age. If a person has prepared earlier in life an Annuity insurance, financial stability won’t be a problem anymore. Moreover, it will ensure that guarantee a long term financial security.
Perhaps people may have saved up money for a life savings. However, the question now is the sustainability of a retiree’s savings. Since it is suppose to be the time to enjoy the rest of one’s life and to be free from any work, most of the life savings may only lead to expenses. Since one is no longer employed, this would also mean that there is no more income.
If a retiree only relies on one’s life savings, the money might eventually run out and one might outlive one’s savings. If so, then how can the retiree live on one the savings are all spent out? Not even one’s Social Security may be sufficient enough to financially sustain in the long run. Not to mention that a former employer only gave availed for you a retirement plan that is not sustainable enough to your long term plans. With the uncertainties of one’s financial stability in the future presented, it is much practical to prepare one’s self for the retirement stage of one’s life through availing Annuity.
To those who have invested in Annuity, they are sure to enjoy of its benefits when the time comes. Tax wise, they are not obliged to pay not until they would begin receiving money the insurance they availed. Not only will the individual enjoy this pension but also support one’s dependent. Furthermore, this type of insurance gives you a chance to personalise it depending to your long term goals and needs. Hence, the value of this type of insurance has no limit. The higher the value invested, the larger the money that one will receive when the time comes.
Each person may have different plans after their retirement. Thus, an individual is given a wide option depending on one’s long term financial plans. Therefore, the only thing left to do is to find the reputable and reliable insurance provider that offers the right Annuity policies that’s right for you.
Benjie E Tan