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Question

My wife and I are retired, wife 69, myself 73. We have an annuity that will mature in three years. It has been suggested that we annuities this investment. Doing so will increase our annual income by $3200.00. We do not have any "NEEDY" survivers and we would enjoy this extra income. Is annuitiesing a good idea. Thomas Hamolka XXXXX@XXXXXX.XXX

Submitted: 17 days and 19 hours ago.
Category: Finance
Value: $9
Status: CLOSED
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Country/State/Province of question: California

Accepted Answer

There are pros and cons to an immediate annuity.

 

If the annuity payments are guaranteed for both your lives (a joint and survivor option) then as long as the insurance company remains solvent you will be guaranteed to receive this income for the rest of your lives. There are no other investents that can provide such a guarantee.

 

However, if you need additional funds in the future you will not be able to withdraw it from the annuity as this option is not available after a contract is annuitized. In addition, your annual income is fixed and will not increase with inflation as other types of investments may be able to provide for increases.

 

http://www.bankrate.com/brm/news/dollardiva/20000608b.asp

 

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Expert: Bill
Pos. Feedback: 100.0 %
Accepts: 
Answered: 11/5/2009

Financial Advisor

EA, QPA, CHFC, CEBS, CLU - 29 years experience providing financial advice

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