The U.S. government recently reported that as a result of the pandemic, Social Security’s main trust fund will be depleted in 2033, a year sooner than previously forecast, indicating that the system’s financial strength is eroding.
Annuities are one way to bolster retirement income. Like Social Security, annuities can provide a steady stream of lifetime payments. However, annuities are an insurance contract. The insurance company will uphold its guarantees as long as the rules of the contract are followed.The Social Security Administration projects that one in three 65-year-olds today will live to age 90. One in seven will live past 95.
The low interest rates combined with bond market volatility in the mid- to late-‘90s solidified the need for a product that provided more opportunity for growth potential. As a result, the FIA was introduced. Earnings in a FIA are based on interest credits tied in part to the performance of an external index. They offer some of the growth potential of VAs but with limitations on growth potential that support guarantees that 100% of principal is protected from market loss.
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