08.23.24

What You Should Know About Annuities

by: Elaine Silvestrini

Different annuities meet specific retirement needs, says Mike Harris, senior education adviser at the Alliance for Lifetime Income. Some annuities are used like certificates of deposit — places to keep money for a set period of time where it can grow at a specified interest rate. But the real strength of annuities is their ability to create a lifetime income stream. “That's where they shine,” Harris says. “There's only three ways to have a guaranteed lifetime income: Social Security, pensions and annuities. That's it. Nobody else can guarantee the income off of any product.”

Read the full article on Kiplinger