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The benefits of annuities and selecting the right account type

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A recent article published by the Napa Valley Register highlighted the many benefits associated with the various forms of annuities. According to the article, a recent study run by the Society of Actuaries found that 37 percent of people between the ages of 45 and 70 worry about their financial stability in their older years.

Annuities offer a great opportunity to provide dependable income for an extended period or lifetime. The income from immediate annuities provides an income beginning as soon as the account is opened and lasting a lifetime. Variable annuities allow account holders to invest their funds in subaccounts.

Immediate annuities offer a fixed income, while variable annuities have the potential to provide increased income if the accounts in which funds are invested perform well.

The article recommends that older people consider immediate annuities and find ones that offer higher payouts based on the age of the account holder. Younger persons who won't be withdrawing from the account for five or 10 years may be able to benefit more from variable annuities.

A Gallup Annuity Survey conducted in 2005 found that 58 percent of annuity owners are retired and 35 percent have either full or part-time jobs. Forty-six percent of annuity account holders are college graduates, 56 percent of whom are female.

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