Top  Annuity Payout Options To Get A Monthly Income

Annuities are one of the best retirement plans, which are suitable for people who want to save for the future. They are like insurance policies, where you pay a premium for a certain period and then receive a monthly income after that. These annuities are available in two forms, either fixed or variable annuities.

Fixed annuities

If you think that your savings will not be enough to support you for the rest of your life, then fixed annuities are the best option for you. This is because you will receive an income from the beginning. You will also get a lump sum amount at the end of the policy period. But it’s important that you understand the risks associated with these annuities.

Variable annuities

These are also known as investment annuities. The money invested in this annuity can be invested in stocks, bonds, mutual funds, real estate, and even cash. If you are looking for the flexibility, then variable annuities are the best option. In this annuity, you have the freedom to decide on the amount of money you want to invest and the period of time that you want to invest it.

Conclusion:

I have mentioned some of the benefits of fixed and variable annuities, but it is important that you read the policy document and understand the risks and benefits associated with these annuities.