Thinking about an annuity?

Remember, there are many different types of annuity products on the market and they can come with high fees, so you should familiarize yourself with the cost/benefit before you go jumping in head first. So what is an annuity after all? Well, in Layman's terms it is a contract between you and an insurance company to achieve a specific goal, like lifetime income for example. Annuities can be very prudent for retirees for that very reason, and can diversify your income streams in retirement with a guaranteed portion coming from your annuity. There are many different types of annuities, including immediate annuities, deferred annuities, fixed annuities, variable annuities, and fixed indexed annuities. Each has different costs and commissions, and they can get pricey if you aren't careful! Consult with a financial professional to see if an annuity might be right for you in retirement!

-Your Friends at Red Oak Financial Group