Summary

In this episode of Financially Fluent, Ray Godleski and Cindi Walters discuss the various types of annuities, their benefits, and the current trends in the annuity market. They explore the differences between qualified and non-qualified annuities, the importance of understanding fees, and the comparison between annuities and buffered ETFs. The conversation aims to educate listeners about annuities during Annuity Awareness Month, providing insights into financial planning and investment strategies.

Takeaways

Annuities are a way to provide a steady income stream during retirement.
There are five main types of annuities: SPIA, MYGA, FIA, RILA and Variable.
Understanding the surrender schedule of an annuity is crucial for liquidity.
RILAs are a newer trend in the annuity market with limited downside loss.
Buffered ETFs offer downside protection similar to some annuities.
It's important to know the fees associated with different annuities.
Annuities can be expensive, and their costs should be justified by the benefits.
The credit rating of the insurance company is vital for ensuring the reliability of annuity payments.
Do your own due diligence when considering annuities as part of your financial plan.
Comparing annuities with buffered ETFs can help in making informed investment decisions.