Reported 2 months ago
A fixed annuity is a retirement income solution that guarantees a specific income amount, either for life or for a set period. It involves contracting with an insurance company to receive payments in exchange for an upfront investment. While it offers benefits like tax-deferred growth and security of income, fixed annuities also present drawbacks such as complexity, high fees, and potential penalties for early withdrawal. They may be suitable for individuals seeking stable retirement income, especially if they lack other sources of guaranteed income.
Source: YAHOO