If you are interested in an annuity settlement it is important to receive professional, qualified advice while knowing what this will do to your financial situation now and in the future. Just like any money related decision, there are many options to consider – all of which come with a set of pros and cons.
Important Annuity Settlement Information
Hundreds of millions of Americans have purchased an annuity for retirement. Many others have inherited this type of financial asset from a loved one. While the main goal of an annuity is to provide a reliable income stream during retirement, no two people are alike. For this reason, you need to learn a thing or two about annuity settlements including your options.
One of the most common setups is known as a “straight life option.” With this, the annuity holder will receive payments until the day they pass away. Those who want a steady income stream and don’t have dependents should consider this type of annuity settlement.
There are other types of annuity settlements to consider. They include:
- Annuities with a set amount for how long benefits will be paid.
- Annuities with a set amount for how much the person receives each month.
Do you have a spouse? If so, a joint and survivor annuity settlement option is probably best. With this, payments will continue to be made through the lives of both parties.
Those who are interested in buying an annuity or learning more about potential settlement options should contact a well respected life insurance company. Most providers of life insurance also sell annuities.