How Annuities can be Helpful for Anyone

By Compuquotes Team on April 21st, 2008


Extra cash every month can be a wonderful thing for almost anyone. Perhaps multi-millionaires wouldn't find an annuity necessary, but the rest of us could certainly find ways to use the money. Let's take a moment and explore some ways that annuities can help the average person.

A young man was awarded a large settlement after being bitten by a dog. The incident happened when he was 10 years old and he received enough money from the annuity to cover his medical expenses and pay for a college education. After graduation, he bought a small recording studio and did quite well.

Another man, of modest means, received an annuity as his inheritance from his late grandfather. He was a truck driver by trade and tired of working for others. His annuity enabled him to buy his own truck and stay in business until his income was greater than the annuity. After that, he was able to buy a home.

A young woman was given an annuity when she graduated from eighth grade. It wasn't a lot of money, but by the time she was thirty years old, that annuity had enabled her to go to trade school and open her own business, always providing a 'safety net' so she could follow her dreams.
An older couple won a sweepstakes and turned the cash into an annuity for their retirement. They were able to retire and enjoy life by traveling around the country first and taking vacations abroad.

Senior citizens can benefit greatly from annuities as well as the younger folks. Social Security doesn't pay enough to live on for many older couples. An annuity can help them remain in their own homes and even pay for some extra care if and when they need it. Not to mention health matters, such as medicine and various devices for better walking, hearing, and vision.

One young man used his annuity to buy the duplex he was living in. In the next several years, he was also able to obtain other properties and businesses as well. His annuity wasn't very large, but it made a perfect building block for his financial empire.

A couple began investing in an annuity for themselves when they were in their twenties. By the time they reached fifty, they were able to retire with a good income. Their children learned the lesson well and started their own annuity plans when they were young. As a result, the whole family is comfortable well off.

401K's, savings, investments are all good things to have. You can empty one of those if the need arises. But an annuity keeps on giving and giving. Maybe multi-millionaires don't need them, but the rest of us can always find ways to make an annuity pay for itself. The main thing to consider is how much to put into the annuity and how much you'll need to get as monthly payments when it matures. Remember that prices can go up and what seems like a lot of money today may not be so impressive in the future. Wise planning is essential, but if done right, an annuity can be a lifesaver!

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