Commission-based annuity sales people (the sharks) are feverishly soliciting all of us in an attempt to sell us an annuity contract.
Just what is an annuity? It’s a contractual obligation of an insurance company to pay the purchaser of the annuity contract, the annuitant, a guaranteed monthly income during the lifetime of the annuitant.
Example: In return for a premium of $100,000, the Metropolitan Life Insurance Company will guarantee a 65-year-old a lifetime income of $6,240 per year, or $520 per month. You will receive roughly the same quote from all life-insurance companies.It’s unfortunate that of the eight public-sector retirement systems […]
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