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I have $400,000 in savings from which I need to draw monthly retirement income. Is it possible to do that with an immediate annuity? –V.D.
Sure, not only is it possible to convert $400,000 — or retirement savings of almost any amount — to monthly income by buying an immediate annuity, that’s exactly what an immediate annuity is designed to do: turn a lump sum of money into guaranteed payments that can support you throughout retirement.And for many people, although certainly not all, an immediate annuity can be an excellent way to generate at least some of the retirement income […]
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