Annuities and your Retirement

Annuities and your retirement. Should you consider annuities? and if yes, why? What are benefits of annuities? Do they help in structuring your retirement income?
Those are the questions we will start answering in this and follow-up videos. So let's jump into it:

What are annuities?
In a simplest form annuity is a contract between you and the financial institution, which is a life office, that will provide you with a predetermined level of income for an agreed and specified investment term for the specific lumpsum that you invest with that life office.
The holding institution issues a stream of payments in the future for a specified period of time or for the remainder of your life. Annuities are mainly used for retirement purposes and the greatest benefit of annuities is that they can help you address the risk of outliving your savings. And the biggest benefit of all is the fact that annuities are a form of a guaranteed income stream, unlike any others.
You can lose your Age Pension eligibility under Income and Assets test
Due to market downturn, your account-based pension can reduce in value dramatically, which will impact the level of your income payments.

But annuities, once set are guaranteed to provide your income payments for the term set up in your application, regardless of market behaviour, regardless of changes in regulations, this is just about the only true income guarantee you find on Australian market. Types of annuities: term annuities, lifetime annuities, Aged Care annuities

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Katherine Isbrandt of About Retirement
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