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Canada Wednesday, September 20, 2017

Disadvantages

Concern

Common Annuity Concerns

Below are some most common disadvantages when purchasing a life annuity.

 

You lose control of your assets

You exchange control of your assets for a predictable and sustainable retirement income

 

An annuity is one part of a balanced financial plan, not the entire plan

 

Your locked-in for life

You can ladder their annuity purchases as they age and need to guarantee more of their income

 

When you die, your beneficiaries receive nothing

An annuity can be set up so if the annuitant dies before a pre-set date the beneficiary can receive income payments until that date

 

Refund options allow a beneficiary to receive the difference between the original premium and the payments already received either as a lump sum or as a continuation of the annuity payments

 

Low interest rates won’t generate a lot of income

An annuity can generate an attractive return and the older you are when you purchase an annuity, the more attractive the income

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