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December 12, 2010

“Be sure you understand that annuity before buying”

Humberto Cruz provides a concise summary of some terms needed to understand annuities in this article.  He concludes that in the right circumstances some annuities may be appropriate.  Of the drawbacks he discusses, the one I see most frequently is the lack of understanding by the consumer/annuitant about the costs, terms and limitations of the annuity purchased.  The other relates to the lack of understanding as to how the annuity impacts the rest of the financial plan.  In some case an annuity my be appropriate.  In thos situations the type of annuity and how it is owned require careful planning.


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