The odds of hitting the Powerball jackpot are 292,201,338 to 1. That means you’re nearly four times more likely to get hit by a meteorite falling from space than winning the lottery.1
So much for that retirement plan.
Let’s talk annuities
If you beat the astronomical odds and are lucky enough to win the jackpot, you’ll have to make the choice between a reduced lump sum payment and an annuity.
The annuity is worth more, but it’s paid out over a period of 30 years. Most people see that as a disadvantage, but it’s actually the smart choice. It’s pretty hard to go broke when you have a constant stream of guaranteed income.
Unlike the lottery, retirement annuities are not just a pipe dream. By setting aside some of your money now, you can build financial security for later in life.
There are a number of benefits to these annuities that will help you to enjoy a worry-free retirement:
Unlike traditional stocks and bonds, you can’t lose your investment if the market fails to make positive gains.
Earnings on annuities are tax-deferred to help them grow faster.
Drawing from annuities doesn’t affect your Social Security benefits other than the possibility of a higher tax rate.
Get some professional advice
Now that you know more about annuities, you’re probably considering them as part of your retirement strategy. But how do you get started?
At Bankers Life, our knowledgeable insurance agents can guide you through the annuity process and help you create a stable foundation for your future.
When you’re trying to plan 20, 30, or even 40 years into the future, you need to know that the company managing your money will be there for you along the entire journey. Bankers Life has been helping people just like you since 1879 and can be part of your retirement journey, too.
Don’t bet your future on the bounce of a numbered ball. Take retirement into your own hands and start an annuity today. Learn more about Bankers Life annuity offerings here.
1Source: Time.com, 10 Crazy Things More Likely to Happen To You Than Winning the Powerball Jackpot (http://time.com/4171474/powerball-lottery-more-likely-win/)