7. Should I Buy an Annuity for Retirement Income?

Should I buy an annuity for retirement income? That's what I'm talking about on this episode of The Atomic Retirement Podcast. 

Questions you can ask to learn more about an annuity

• How are you compensated?
• What is the commission paid to you if I purchase this annuity versus another annuity?
• What is the insurance company’s financial strength? 
• What happens to my annuity if the insurance company goes bankrupt? 
• What fees should I expect to pay on an annual basis?
• Is this annuity fixed, variable or indexed? 
• What is the current interest rate? 
• Is the interest rate fixed for the entire term of the annuity? 
• Can the interest rate decrease? 
• What is the participation rate? 
• Is there a rate cap? 
• Is my principal and interest guaranteed? 
• What is the surrender period and surrender charges?
• How much money can I withdraw per year without a penalty? 
• What are my options at the end of the annuity term or when it matures? 
• Will I be forced to take income from the annuity to realize the full value? 
• How will my withdrawals be taxed?
• Can I be forced out of the annuity at a certain age? 
• What happens to my money when I die?

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