What is an annuity and how do they work?

Athene (ATH-PA) COO Michael Downing joins Wealth host Brad Smith to explore the role of annuities in retirement planning.
Downing describes an annuity as “a general term for a collection of retirement solutions; they’re all generally trying to provide guarantees.” He emphasizes that retirees primarily need “guaranteed income” for their remaining years and protection during market downturns.
“The key thing with annuities … they should generally be an anchor of almost any portfolio in terms of the preservation of wealth,” Downing states. He advises that customers evaluate their protection needs to determine “which one is appropriate for your portfolio.”
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