Posts Tagged ‘ senior moments finance blog ’

Senior Finances 101: Understanding Annuities

Oct 6th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Moments Blog

Our senior readers have raised some questions about annuities recently, so it’s time again to talk about this kind of retirement investment. SCJ article in May provided information about the AARP Five-Year Fixed annuity that senior citizens would want to consider. There are other considerations you may want to think about as you contemplate where your investment dollars will go and stretch the farthest.

It’s the nature of annuities to be ‘fixed’; it’s easy to get in to them, and very difficult (if not impossible without losing most of your investment) to get out. If you buy an annuity, you need to do so with the understanding that you will have it for life. We seniors are living longer and our retirement dollars have to last longer. If the politicians will keep their hands off our safety net (Social Security), we won’t have to be concerned about