Coolville, Ohio
2501 Cemetery St.
Coolville, OH 45723
(740) 667-3111

What Is an Annuity & Why Include it in a Retirement Insurance Plan? January 18, 2018

Coolville, Athens
What Is an Annuity & Why Include it in a Retirement Insurance Plan?, Coolville, Ohio

Planning for retirement can be difficult, especially when you’re trying to maximize your income once you leave your career. While a 401(k) and other traditional options should be part of your wealth management plan, it may not give you enough funds to maintain your current lifestyle. In these instances, an annuity may provide the supplement you need to enjoy this next phase of your life. The team at The Simmons Insurance Group in Coolville, OH, explains what an annuity is and why it should be part of your retirement’s financial insurance plan.

What Is an Annuity?

Annuities are a type of long-term investment that guarantees you or your beneficiary continued payments throughout your retirement. Most people opt to purchase it while they’re still working as the investment grows over time without increasing taxable income. Once you’re ready to retire and the investment has matured, you’ll start receiving set payments each month based on the size and terms of the annuity.

InsuranceThese policies help guarantee you income once you’re retired and can act as a replacement for your paycheck when you exit the workforce. While no one should rely on an annuity alone, they are the perfect supplement for individuals looking to secure their financial futures without sacrificing the length of their retirement.

Why Buy It?

There are hundreds of other investments you could make before retirement, but most do not give you predictable monthly income for years. By investing in an annuity in addition to standard life and homeowners insurance policies, you’ll protect your family’s livelihood even when you’re no longer working. This helps you avoid the need to get a part-time job or work well into your retirement just to make ends meet and can provide you with enough income to live a lifestyle you worked so hard to achieve.

If you’re interested in an annuity or other supplemental insurance coverage, contact the team at The Simmons Insurance Group. Their experienced agents will work with you to find the right option for your needs, so you can enjoy retirement without worrying about pinching pennies. Learn more about their services online and call (740) 667-3111 to schedule a consultation today.

Other Announcements, Events and Deals from Coggeshall, Simmons Insurance Inc.
4 Boating Safety Tips to Always Follow, Coolville, Ohio
Now that the warmer weather has arrived, the Ohio River will soon be filled with boats of all kinds. Unfortunately, boating accidents can happen suddenly and sometimes without more
5 Parts of a House to Inspect Before a Purchase, Coolville, Ohio
Whether you’re a first-time homeowner or the owner of multiple properties, you should always conduct a thorough home inspection when acquiring a new house. Aside from getting the more
4 Winter Safety Driving Tips , Coolville, Ohio
As the seasons change, so do the various risks drivers face when they get behind the wheel. While an accident can happen in any season, snowy and icy conditions make winter an more
5 Tips for Using Solid Fuel Stoves & Fireplaces Safely, Coolville, Ohio
Whether you love the radiant heat of a wood-burning stove or curling up in front of the fire on a cold winter evening, you should be careful while using solid fuel for more
Term vs. Whole Life Insurance: What’s the Difference?, Coolville, Ohio
Having life insurance in place protects your family financially after you’re gone. However, you’ll need to choose between a term and whole life policy, which can be a complex more