How Do Annuities Work?

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Annuities are essentially contracts that have two phases, a building phase and a phase in which a person gets their money back. Learn to get rid of the fear surrounding annuities with help from a licensed insurance agent in this free video on retirement planning and personal finance.

Part of the Video Series: Retirement Planning
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Video Transcript

Hi, my name is Bill Rae. I'm a licensed agent and I've been in the business well over two decades. The question is, "How to annuities work?" Well, first of all, I'd like to get rid of some of the fear around the word annuity. So, let's do this, let's take the word annuity and replace it with the word contract, okay? Now, should be very easy. How do contracts work? In the field we're talking about, when you have a contract with a particular company there's generally two phases that happen in that contract. The building phase where you agree to put in a certain amount whether it be all at once, periodically, or at the end of a certain time. The other phase is when do I get my money back? Again, depending upon your contract, you can get it all back at once or over a certain period of time. There are a lot of nuances of the contract so make sure you know what you're doing, make sure you talk to someone who's going to give you good sound advice. My name's Bill Rae and I'm helping you build wealth.

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