15th
CNNMoney suggests annuities for those without a pension plan
Some of you reading this left the “traditional’ job market years ago. Entrepreneurs, small business and startups all have a certain appeal to the flexibility, feedom and challenges. Of course, they come with some risks and a few disadvantages of staying on board with a Big Company for life.
One of the biggest: no pension plan. That may sound like a risk worth taking when you are in your 20’s. But what about those nearing retirement age? CNNMoney has a suggestion:
Consider annuity policies, which allow you to invest a chunk of your savings in return for regular payouts. Annuities got a famously bad rap in the 1990s because of their unfamiliar - and surprisingly steep - fees. Since then, the variety of products has grown and some of the fees are down, especially if you shop around.
That’s good adivce. Many things have changed in the last decade. Annuities — the right ones, at least — are often times the best option for the aging risk taker. The article linked above provides some great insight and examples that help explain your options.
