According to a 2015 study by Rocket Lawyer, nearly two-thirds of Americans don’t have a will.1 Since a will is the most basic component of any estate plan, the study’s findings suggest that most Americans have given much thought to estate planning.
There could be many reasons for this. They may believe that estate planning is meant to minimize estate taxes, which is only a risk for the wealthiest among us. Some may believe that they don’t need an estate plan or that they’re not old enough to worry about it.
Have you hesitated to explore an annuity as part of your retirement planning? If so, you could be missing out on a tool that is helpful for generating income and managing downside risk. While an annuity isn’t appropriate for everyone, it can be useful in the right situations.
Annuities are offered in a wide range of different types, all of which serve different purposes. Deferred annuities offer a chance for growth and accumulation, often with downside protection. Immediate annuities don’t provide growth or liquidity, but they usually generate a guaranteed* lifetime income stream.
Principal of BAM Advisory Group