In the financial investment and retirement planning world, it’s not often that you hear the word “guaranteed”. But with annuities, guarantees are usually the selling tool that insurance companies often employ when suggesting an annuity to its clients. Though unfortunately, where there are promises, there are often drawbacks.
Some of these drawbacks often include commissions to the agent, surrender charges for pulling your money out early (in some cases, up to 20 percent in the first year) and high annual fees for variable annuities. These annual expenses, with insurance charges, investment management and insurance rider fees can sometimes add up to two to three percent annually. Which, in the long run, cancel out some of those “guaranteed” benefits.
Typically, an annuity in its various forms, should be just one aspect of any good retirement plan. A comprehensive discussion of financial goals and plans for retirement should include whether an annuity is right for you and just what type will help you reach those goals. Just like your own plans and financial outlook, each annuity is unique in its benefits and drawbacks and needs thorough analysis.
At Advanced Wealth Advisors, we bring a wealth of experience and knowledge to assisting you in planning for retirement. Free consultations are always available to you as we want you to feel completely comfortable when considering us as your financial advisors in Naples. Retirement should be viewed just as much as a personal achievement as it is a financial goal and Advanced Wealth Advisors looks forward to helping you attain those goals, at whatever level keeps you comfortable and makes you happy. Contact us today for a comprehensive consultation with any of our financial advisors at 239-455-1100.