My eyes were really opened to how widespread of a misunderstanding there really is one Christmas holiday in 2004. As I sat around the kitchen table with my two older brothers, and listened to them describe their understanding of annuities, it became apparent that there needs to be more education of these retirement planning tools in our country. You see, both of my brothers are very intelligent individuals…one a chemist and the other a medical physicist. By most accounts, I would be labeled as the least educated sibling.
As I inquired about their understanding of annuities, they both had concluded in their mind that these were “rip-off” investments offered by money grubbing insurance companies…and if you died young, the insurance company would keep all of your money leaving your spouse and/or kids penniless.
Wow…what an eye opener! Where did they come up with this incredibly incorrect information? My only conclusion was that like many Americans, they had heard mis-information from one of the many uneducated talking heads on the radio, television or internet. It amazes me how such smart people can listen and take advice from celebrities who don’t know what they’re talking about.
The truth is that annuities are one of the most powerful tools used for retirement accumulation on the market today. They also lead the pack when it comes to providing guaranteed income when an individual is in retirement. Where else can you find real benefits such as: Tax deferral, Avoidance of probate, Creditor protection, Income that cannot be outlived, Principal protection, Wealth transfer to heirs, Homecare and/or Nursing Care benefits, and the list goes on…?
Unfortunately what most individuals know about annuities pertains to one type of “old-style” annuity called a Life-only Annuity. These are financial instruments that should be used only in rare cases…such as Medicaid planning. No logical planner would ever include these in a client’s portfolio but in these extreme cases.
Today’s annuities are packed with benefits for the consumer. They come in many shapes and sizes and are perfect tools for accumulating wealth during the working years, and distributing income during the retirement years…ultimately leaving a legacy for your children and/or grandchildren.
I urge you to speak with a true financial planner today, and get the real facts on annuities. Don’t listen to un-educated celebrities who are paid to say what their sponsors what them to say. If you don’t know where to start, call Wealth Planners of America and we will send you more information.
By the way, both of my brothers are now proud owners of their own annuities, and are enjoying great returns while never putting their principal at risk.
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