In this episode of FIN-LYT by EWA, Matt Blocki and Jamison Smith dive into the universe of annuities. They explore which types have potential benefits (fixed income annuities) and why most (indexed and variable) do not make sense most of the time as they unravel the high (and sometimes hidden) embedded costs. They also shed light on all of the other possible downfalls. This podcast will serve as a guide to understanding annuities and making informed decisions.
Topics include:
1. Annuity Basics: Fundamental principles, how they work, the various types available, and their purpose
2. Benefits and Suitability: When are annuities beneficial? In what scenarios do they align with specific financial goals?
3. Embedded Costs: Uncover the hidden costs and fees associated with annuities, including surrender charges, administrative fees, mortality and expense charges, and investment management fees. Understand how these costs impact overall returns and the importance of transparency.
4. Downfalls and Risks: Explore the potential downsides including limited liquidity, restrictions on withdrawals, and the impact of inflation. Gain insights into mitigating risks and understanding the trade-offs involved.
5. Annuity Strategies: Advanced topics, such as structuring annuities within a broader investment portfolio, combining annuities with other retirement vehicles, and optimizing income streams.
Throughout the podcast, Matt and Jamison share their own experiences and provide practical tips for evaluating annuities, selecting suitable options, and avoiding common pitfalls.
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