My parting advice on annuities is this: Don’t let anyone sell you an annuity. If you find an opportunity, do your homework, and you determine that it is a valuable investment, then you may be onto something. I have never seen an annuity that I would consider an excellent long-term investment, especially if you want to retire rich. Many people choose to convert a substantial portion of their retirement account into an annuity at the time of retirement to guarantee income. We will discuss this idea in a later section.
References and Further Reading
Novack, J. (2011/2014). The Big Decision: When To Take Social Security. Forbes.
Available: https://www.forbes.com/sites/janetnovack/2011/02/15/the-big-decision-when-to-take-social-security/