How much retirement income will I need in addition to my Social Security, pension, savings and any other income or investment sources?
• Will I need an income only for myself or also for someone else? • How much can I afford to pay in premiums? • How will the annuity contract fit in with my total financial planning? • How long can I leave money in the annuity? • When will I need income payments? “Knowing the answers to the above questions will help you in deciding if an annuity is right for you.” Gomez said. “You should also consult your tax advisor to discuss your individual tax situation.” As with any insurance product, it is important to always review the contract and be sure you understand the terms and conditions, as these will vary from contract to contract. Compare contract summaries and policy benefits for similar contracts from several companies in order to choose the one that best fits your retirement needs. Publications such as Understanding Annuities and the Wisconsin Buyer’s Guide to Annuities can be ordered free from the agency by writing to OCI Publications, P.O. Box 7873, Madison, WI 53707-7873, callin
