What is an Annuity?
Annuities are the reason I started a career with Life Insurance. The reason I was so interested in them was that I had never heard about them. Once I understood what they were I became so excited that normal people had the option of protecting their future I quickly went out an got my license and began my journey into the retirement and wealth-building field.
So what got me so excited? Well, it all begins with a story. I’m going to tell you a story of a close friend of mine. For the sake of anonymity I am going to call him Jack.
“In 2007 everyone was saying that the real-estate market was the hottest place to grow wealth.”
Jack was a hard working professional who had made sure that he was going to have a great retirement by investing heavily into what at the time experts were calling a guaranteed market…real-estate. In 2007 everyone was saying that the real-estate market was the hottest place to grow wealth. It was going up every quarter and there was no way it was going to go down. Well Jack was eagerly expecting that in just a few years he would have enough to guarantee his retirement and he could take it and never look back. At the time Jack and I were good friends and I loved hearing about his plans for the future and how much time he was going to spend with his wife and grand-children.
“———-To this day he is still working————-”
Then, as we al know, the bottom fell out. As 2008 turned into 2009 Jack realized he had lost almost everything. His plans for retirement in 2010 were done. To this day he is still working. Because of doing everything right (according to experts at the time) Jack has spent what should have been his comfy retirement working. Ten years later he has now recovered and is looking forward to retiring soon, but it never should have come to this.
I never forgot about Jack, I have known him and his family for many years now and I love them dearly.
That’s why I had such a strong reaction to learning about annuities. I discovered that people I cared about and even people I had never met had the ability to make sure that they never had to go through what Jack did. They could make plans for retirement, continue to grow their money and not risk anything.
“make plans for retirement, continue to grow their money and not risk anything. ”
So what is it about annuities that makes all this happen? Well, lets get into it.
Annuities are a financial product offered by a life insurance company. They come in a variety of flavors and options. At the core of all those options is this. If you give your money to the insurance company they guarantee that you never loose your money no matter what happens to the stock market. If you set up a contract the says it will give you $10,000 a year for the rest of your life you will always have $10,000 a year even if your account runs out of money.
If you choose to let your money grow so you can have it for later then even if the stock market crashes down to nothing (which it probably never will) you will still have all of your money available to you. If you had left all of your money in he stock market it would all be gone. In an annuity though you never loose a dime!
“In an annuity though you never loose a dime! ”
See now why I got so excited?
You can set up a personal pension that can never run out, or grow your money with no risk of ever loosing it. That is why I love annuities.
Now they may not be a great fit for everyone. Since no two people have the same life or goals each financial plan should be unique to you. I never try to get people into any one product. That is why I love being independent. Since I don’t work for one company I can look at all the hundreds of companies out there to find the best option for your life.
I would love to introduce you to what annuities can do and find out about your life and your goals. I can answer any questions and I love difficult ones so don’t be shy.
Connect with me today to find out more about what your future could look like
Watch the video or listen to the podcast to get more in-depth about annuities.
“Your future doesn’t have to include uncertainty.”