Joe Brown

Brown Advisory Group, LLC

Annuities in the Age of Customization

Annuities have long been a popular retirement planning tool, offering guaranteed income streams and tax-deferred growth. But in the past, annuities were often seen as one-size-fits-all products. Today, that's no longer the case.

Thanks to advances in technology and financial engineering, annuities are now more customizable than ever. Policyholders can choose from various features and riders to tailor their annuity to their specific needs and goals.

Whether you're looking for an annuity that provides guaranteed income for life or offers flexibility to access your money when you need it, there's an annuity out there that's right for you.

Customizing Your Annuity

There are many different ways to customize your annuity. Some of the most common options include:

  • Income options: Annuities can provide income in various ways, including monthly, quarterly, or annually. You can also choose to receive income for a set period of time, such as 20 years or life.
  • Guarantee riders: Guarantee riders can provide additional protection for your annuity, such as guaranteeing you'll receive a certain amount of income, even if the market performs poorly.
  • Living benefit riders: Living benefit riders can provide access to your annuity money in the event of a chronic illness, terminal illness, or long-term care need.
  • Death benefit riders: Death benefit riders can pay your beneficiaries after you die.

Choosing the Right Annuity for You

When choosing an annuity, it's important to consider your individual needs and goals. Some factors to think about include:

  • Your age and health: If you're younger and healthier, you may want to choose an annuity that offers more flexibility and growth potential. If you're older or have health concerns, you may want to choose an annuity that provides guaranteed income for life.
  • Your financial situation: How much money can you afford to invest in an annuity? What other sources of income will you have in retirement?
  • Your retirement goals: What do you want your retirement to look like? Do you want to travel the world? Pay off your mortgage? Leave a legacy for your loved ones?

Working with a Financial Advisor

If you're not sure which annuity is right for you, it's a good idea to work with a financial advisor. A financial advisor can help you assess your needs and goals and recommend an annuity that's a good fit for you.

Benefits of Customized Annuities

There are many benefits to customizing your annuity. Some of the key benefits include:

  • Peace of mind: Knowing that your annuity is tailored to your needs and goals can give you peace of mind in retirement.
  • Flexibility: Customized annuities give you options to access your money when needed and make changes to your plan as your needs change.
  • Growth potential: Customized annuities can offer guaranteed income and growth potential to grow your wealth over time.

Annuities in the age of customization offer a variety of benefits for policyholders. By customizing your annuity, you can create a financial plan tailored to your specific needs and goals.

If you're considering an annuity, work with a financial advisor to choose the right product.

  • Annuities are no longer a one-size-fits-all product.
  • Policyholders can choose from a variety of features and riders to customize their annuity to their specific needs and goals.
  • Some common customization options include income options, guarantee riders, living benefit riders, and death benefit riders.
  • When choosing an annuity, it's important to consider your age and health, financial situation, and retirement goals.
  • Working with a financial advisor can help you choose the right annuity for you.
  • Customized annuities offer peace of mind, flexibility, and growth potential.

Many people have learned about the power of using the Safe Money approach to reduce volatility. Our Safe Money Guide is in its 20th edition and is available for free.  

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Joe Brown picture

Joe Brown

Brown Advisory Group, LLC

2445 Darwin Rd.

Suite 105

Madison, Wisconsin 53704

(608) 241-4425

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