Many people think that when you buy an annuity, you trade your money for lifelong income and lose control. But this product works differently. Your money goes into an account that you can access, and it continues to earn interest. Plus, you're guaranteed an income every year even if the account value reaches zero.
In simple terms, with a regular income annuity, a common worry is that if you pass away early, the insurance company keeps everything. But this solves that problem. If you pass away early, your family gets the remaining money in the account. And if you need a chunk of money for an emergency, you can get it.
Not only do you avoid the main issue with a regular annuity, but you can also get more retirement income (sometimes almost double) compared to following a traditional 4% rule. Our income calculator below shows the choices you have based on how much money you put in and when you want your income to start.