Financial investments are far from a joke, especially when this investment is providing for your future. if you’re getting started on creating a plan for your family’s future, you’re likely looking into annuities but maybe cautious about what exactly you’re investing in. Annuity Genius has a team of financial professionals that has your best interest at hand, and we want to provide you with four of the most common mistakes that are made with annuities before you make them.
Switching To A New Annuity
If you’ve already invested in an annuity, but are thinking it may be outdated and might possibly want a newer annuity, stop there. The older annuities, dating from the 1990’s to the early 2000’s are usually more valuable and often more profitable. After the turn in the insurance market in 2008, a majority of insurance companies reduced their risk,making the annuities much less valuable!
Not Taking Advantage Of The Guarantees
If you’re paying fees for guarantees, then it’s best to invest more aggressively in your accounts that have guarantees rather than the ones that don’t. When you invest in the guaranteed accounts you can watch your investments grow, providing you with more gain in the long run. Talk to the professional advisors at Annuity Genius to determine which options are best for you in regards to investments and gain of profit. This will vary person to person, so it’s best to break down what it is you’re hoping to achieve.
Withdrawing Too Much Money From The Annuity
As with most saving accounts, you have the ability to withdraw money but can face repercussions if you withdraw too much. Annuities usually let you withdraw anywhere between 5% and 6% annually. The best way to assure that you’re not withdrawing too much of your annuities funds is by asking a financial professional what will happen if you do take too much money from your funds and knowing what the long term effects will be if you do.
The best way to make sure that you aren’t making any mistakes with your annuity is by asking questions. It’s your money that you’re investing and we want to make sure that you’re taken care of in the future. For any questions that you have, contact Annuity Genius and speak with one of our financial professionals about the different annuities that will fit your long term financial goals.