How much of your money should be in annuities?
The Annuity Man
Annuities are transfer of risk contracts that primarily solve for lifetime income. In fact, lifetime income contractual guarantees are a monopoly that only annuities can offer. Annuities are the only strategy that can provide an income stream that you can never outlive.
Let me be very clear. Annuities are not for everyone. They are not one size fits all, even though they are too often sold like that. Annuities primarily solve for 4 different goals. I use the acronym P.I.L.L. as an easy way to remember. P stands for principal protection. I stands for income for life. L stands for legacy. And the other L stands for long term care or confinement care type coverage. If you do not need to contractually solve for one of more items of the P.I.L.L., then you do not need an annuity. If you want stock market type growth, then you should never purchase an annuity of any type...in my opinion.
One of the biggest mistakes that people make is putting too much money into annuities. The annuity industry does not want you to have more that 50% to 60% of your total portfolio in annuities (of any type or combination). In other words, you should never go "all in" with annuities.
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