Annuities are utilized as a way of creating consistent cash flow for an individual, as part of a retirement strategy. They can be structured according to a wide range of factors, depending on the annuity offered, and the entity making the offer. One option made available, is to receive payments for the life of you and your spouse. Another is to receive funds for a specifically agreed-upon time frame. Another is to receive payments for your lifetime, no matter the length. Within the correct risk tolerances and suitability profiles, annuities can offer safety and flexibility to best suit your retirement needs and strategies.

The benefits of annuities are numerous:

  • They create potential to defer tax. With some annuities, an individual might not have to pay on that annuity until withdrawals are made and payments received.
  • They are flexible in that individuals are provided the opportunity to choose from many different options in line with their long-term goals and financial responsibilities. You can also decide how, and how long, you want to receive payments.
  • Support for beneficiaries. Some annuities allow you to save for retirement years as well as leave funds to your family or loved ones.
  • No limits. Depending on the annuity selected, there can be no limits to an amount placed within an annuity contract.

Depending on suitability and your risk tolerances, annuities can be a sensible and responsible choice, as part of a retirement or wealth preservation strategy. Reasonable planning and realistic goal setting can aid in determining whether or not you out-live your retirement savings. Patrick Financial Group, L.L.C, is available to help you determine whether an annuity should be part of your financial strategy.

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