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September 25, 2023

Why retirees may want to buy an immediate annuity now

  • Now may be a good time to buy an immediate annuity, since payouts are the highest they've been in a decade.
    • By LIZ WESTON
    NerdWallet

    An immediate annuity is an insurance product that provides guaranteed income: You give an insurer a chunk of money, and the company gives you a stream of payments that can last for life. The payments begin within 12 months of purchase.

    Now may be a good time for retirees to buy an immediate annuity, since payouts are the highest they've been in a decade, says Rob Williams, managing director of wealth management at Charles Schwab.


     
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