Annuity Calculators – Showing You What An Annuity Can Offer You!
Annuities can be dull. Actually, annuities can be extremely dull! That’s until you begin to see them in action. Then they can actually be quite exciting! And this is where annuity calculators step in. These calculators show us what we can actually earn. Seeing the interest compounding and growing will set your pulse racing!
An annuity calculator is just a simple tool that’s designed to help you understand what an annuity could earn for you. For instance, a young person may decide on $15,000 and put it into an annuity and then just leave it there, they then see that at retirement that annuity would be worth $400,000. Would that set your pulse racing? However, when that figure is adjusted for inflation, it’s more like $92,000. But it’s still an impressive number. The calculator helps you to budget for your future and for your retirement. And remember, many annuities give guaranteed monthly payouts for life. All this means that once you work out how much you need to live on, you will receive that for life after you retire, even if you lived to be 103!
Once you have finished playing with the calculator and seeing what huge figures you can come up with. It’s time to get the calculator working for you. How? Just be honest. If you can’t contribute $15,000 every month, then planning for it isn’t going to make it happen. You’re going to have to sit down and actually enter the numbers into the calculator that you can do. Perhaps you already have some savings that you can work with? If so, then try that amount as your initial balance for the annuity. Next, ask yourself how much you could take out of your budget without your family really being able to notice. This isn’t to say you shouldn’t tell them, of course you should. But if you put too much of your budget into an annuity and it affects your family, then your annuity isn’t going to work.
Once you have found a realistic plan for your annuity then get it printed out. This will now be your motivation. The next move won’t be to give an annuity salesman a call, but to wait! For the next six months, put those payment amounts into savings. At the end of the six months, if the money wasn’t really missed much, then you’re set to take your annuity printout to a financial professional and you can begin planning for a new retirement.
Your financial advisor will take a look at your plan for your retirement annuity and assist you in building a fully flushed out picture for your retirement years. It’s quite possible that you’ll do better in retirement than you ever possibly imagined. Annuities could offer you a brighter future.