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Retirement Annuity – the Blessing of a Lifetime

by Olufisayo
Retirement Annuity

Don’t you wish to live a stress-free life post-retirement? Are you not interested in enjoying the remaining days of your life in luxury? You certainly do but your pension and social security income might pose a restriction. Therefore, what stands as an alternative?

Retirement Annuity in such situations has come across as the saving grace.

This particular financial scheme allows you to make use of a portion of your savings to offer you an income, in the form of monthly installments for the remaining years in your life post-retirement.

Prodding deeper into the explanation, this particular annuity plan refers to a contract that is signed between you and the insurance company following a deposit of a sum of money referred to as premiums.

In return, for your investment, the insurance company offers you a secured income with a good interest rate.

The scheme of Retirement Annuity is also offered for a certain period, the tenure of receiving the payments is solely dependent on your that is the annuitant’s choice. You are also free to purchase these annuity schemes by offering monthly installments or through a one-time payment.

The scheme of Retirement Annuity comes with a number of attached benefits and added advantages. Here is a look at the boons of the scheme-

  • It offers guaranteed income to the annuitant
  • It comes with the option of survivor benefits
  • It also offers tax-deferment and not tax-exemption policies
  • The payment you receive is usually fixed and is not affected by market fluctuations

Well, contemplating a secured financial future is the dream of many. This particular scheme offers financial support allowing you to live your life in luxury. To gather a complete understanding of the Retirement Annuity and comprehend the market better, always consult a professional financial advisor.

Cheers for Life!

Photo by Anna Shvets from Pexels

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