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Should you cash out an annuity?

If your annuity is a significant part of your retirement plan, cashing out could leave you without a reliable income stream later in life. On the other hand, if you need money now and have other retirement savings, cashing out might make sense. The process of cashing out an annuity involves several steps:

How do you buy an annuity?

You may purchase an annuity by depositing a lump sum or by funding the contract over time with a series of premium payments. The annuity will pay out over whatever period is specified in the contract. Perhaps that’s a fixed period, such as 20 years, or perhaps it’s for the remainder of the client’s life.

What are annuities used for?

Annuities are mainly used for retirement income purposes. They can help individuals address the risk of outliving their savings. Annuities are financial products that offer a guaranteed income stream and are usually bought by retirees.

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