MILLENNIALS WANT ANNUITIES

July 29, 2015

safe

The sound of contributing to an account, until age 70.5 in most cases, to receive guaranteed payouts in retirement regardless of stock market fluctuations was attractive to more Millennials than any other age group. 

52% said they were somewhat or very interested in that kind of product.

A lot of Millennials had parents or grandparents who lost a third or more of their retirement savings creating a real mistrust about investing in the stock market.

Indexed annuities have become more popular in recent years as investors sought safety from stock market fluctuations and corrections.

Annuities still are mostly sold to older Americans but the average age has dropped from 64 to 62.

There are different types of annuities but generally they are a contract between you and an insurance company whereby that company agrees to pay you a certain amount of money throughout retirement.

You can start receiving money immediately by making a large lump sum payment at the beginning or payments from the annuity can be deferred if you put money in over time.

To see what an annuity can do for you, talk to your representative Ben Rosky.

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