7 Basics You Should Know about Annuities

7 Things to Know About Annuities

LGBTQ people are more likely to spend retirement alone and with fewer resources. Here’s why annuities may be a great solution for many queer folks. Many folks, not just LGBT are struggling with credit card debt. For help specifically with paying off credit card debt, get the free 7-Step Credit Card Debt Slasher.

What are annuities?

Since so many of us worry about running out of money in retirement, we’re looking for solutions. Fortunately, annuities can protect us from running out of money in retirement.

But what kind of annuity should you buy? How much do they cost? And what are the pros and cons of saving for retirement with an annuity?

On this episode of Queer Money, we explain how annuities function as an insurance contract (not an investment) and what differentiates immediate from deferred annuities. We walk you through the life phases of an annuity, describing what factors influence the cost of an annuity and why we recommend working with a fee-based agent rather than a commission-based one.

Listen in for insight on using riders to make an annuity specific to you and learn the top three reasons why people choose to make annuities a part of their retirement savings plan.

Listen for our 7 Basics You Should Know About Annuities

Topics Covered

How queer folks are more likely to age alone and less likely to have children
How annuities function as an insurance contract designed to guarantee income
Why the LGBTQ community worries about outliving our income
What differentiates immediate annuities from deferred annuities
The accumulation and payout phases in the life of an annuity
How a living benefits rider differs from a death benefits rider
What factors influence the cost of an annuity and what fees you might see on your contract
Why we recommend working with a fee-based agent vs. a commission-based one
The top 3 reasons why people make annuities a part of their retirement plan

Resources from this episode:

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We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.