How do I use an annuity for retirement income?


Many annuities have lifetime income features that can serve as incredibly useful tools in retirement. Retirees often hope to achieve an ongoing monthly cash flow for the rest of their life, as opposed to having access to a lump sum of savings. An annuity with a lifetime income feature can offer the consistent monthly income some retirees are looking for.

There can be several different ways to turn an annuity into income. Some annuities offer inflation protected income or a rising income stream based on a 3% cost of living adjustment. Most annuities also offer the option of spousal lifetime income which ensures a surviving spouse continues to collect income uninterrupted.

If your primary focus is to generate an income stream in retirement you may want to see what an annuity can offer.

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