Of all the financial products available to consumers, it is the annuity that is perhaps the most misunderstood. The initial concept of the annuity -- you give money to an insurance company, they pay you some, or all, of that money back (and maybe more) over time -- is rather simple. But over the years they've become more complex, with more features, more options, and (yes) in some cases, more fees.
Whether an annuity is suitable for you will depend on many factors. But it's never a good idea to own an annuity (or anything else) without understanding what you're getting and why it's been recommended to you. In this week's episode of Managing Your Financial Future, show host Johnny Dean and "Professor" Rick Plum, CFP® give you the basics of annuities, the types that are available, and answers to some of the most common annuity questions that advisors get. Tune in for all the details!
