Pros and cons of buying an annuity?
I am in my half 20 and always looking for a good investment. Is it a good idea for me to buy an annuity lifetime? thanks! after reading what has been published do the right thing, I can change the annuity to an IRA?
Because of his age, the purchase of an annuity is a very bad idea because of high costs associated with it. If you were in your 50s and have very little money saved for retirement, then I would consider a variable annuity. Apart that, you should open an IRA instead. There are two types of IRAs (Roth and traditional). Both grow tax-deferred, but only Roth tax-free withdrawals after 59 1 / 2. An IRA is only one account to maintain their investments. You can try to choose what they want in investments from the financial company, but I recommend only if you really know what you're looking for. If not, you should work in close collaboration with a financial representative or advisor to help you find investment appropriate to suit their investment objectives. Good luck on your investment.
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