What is a variable annuity?
Asked a year ago
A variable annuity is a financial product that offers individuals a way to invest their money for retirement. It is an insurance contract that provides a combination of investment and insurance features. With a variable annuity, individuals can choose from a range of investment options such as mutual funds, stocks, and bonds. The value of the annuity will fluctuate based on the performance of these investments. This means that the returns can be higher, but they can also be lower, compared to other fixed annuity products. Variable annuities also offer tax-deferred growth, meaning individuals won't pay taxes on the earnings until they make withdrawals. Additionally, variable annuity holders can benefit from optional insurance features such as death benefits and guaranteed minimum income benefits. Overall, variable annuities provide a flexible and customizable approach to retirement savings.
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