Annuities offer steady retirement income but may not be best for everyone. Despite having some obvious benefits, annuities have remained an unpopular choice, as a new study finds.
As CNN Money explains, one of the key reasons people steer away from annuities is the cost of health care. A future extended illness or nursing home stay, even with insurance covering some of the cost, could result in thousands of dollars in out-of-pocket expenses. Having savings tied up in an annuity could create a financial crunch later in life due to extraordinary expenses.
Do retirement counselors in your market recommend annuities as a vehicle for retirement income? To help your readers/viewers/listeners understand how annuities work, consider interviewing a financial planner about the benefits and risks.
For more personal finance story ideas, click on the banner below:
- A glimmer of good news
- RTDNA Region 8 Director named
- RTDNF to honor Gannett's Dave Lougee
- Federal shield law: Member call to action!