نوشته‌شده در از vpn

Annuity Payments Don’t Make Your Retirement: They Make It Better

Why do annuity payments belong in a plan for retirement income?There is a very simple answer: Retirees who have annuity payments feel more confident about their long-term finances in retirement.It seems obvious to someone like me, who is an actuary by training and spent most of my later career in the retirement business. That confidence comes because an annuity payment is similar to Social Security or a pension in one important respect: They all provide a lifetime of guaranteed income. Since annuity payments are guaranteed under contracts issued typically by highly rated insurance companies, in my view retirees or near-retirees with a reasonable life expectancy should at least consider them as an important source of retirement income. However, according to one survey, a relatively low percentage of retirees — fewer than 15% — make annuity payments part of their retirement income plans.So, let’s discuss the objections and questions that consumers often have about annuity payments, the contracts that guarantee those payments, and the reasons annuity payments belong in a plan.Where the confusion comes in with annuities Today, the annuity landscape is quite competitive and often confusing to average investors. There are many types of annuities. They can be grouped in various ways:

  • Accumulation or income.
  • Fixed, variable or indexed.
  • With or without downside protection.
  • Current or future annuitized income. 

I take some responsibility for changing the annuity landscape, having invented the first annuity that could be categorized as accumulation/variable/downside protection/future annuitized income.Unfortunately, contracts providing guaranteed annuity payments often get lumped together with other annuities, and that’s where the confusion creeps in. It’s just like with insurance: Car insurance is not the same as life insurance, health insurance or dental insurance. So, you should look at each annuity based on its stated purpose and not whether it shares a name with another product. One type of annuity might be just right for you, while others might not be a good fit.The rest of this article is about annuity contracts whose sole purpose is to provide lifetime annuity payments — starting now or at a date in the future you select. Let’s start with a few questions I’ve gotten from readers like you.Q: Do annuity payments increase with inflation?A: In some contracts, annuity payments increase over time, but most do not. Those contracts that do provide payments that grow with inflation tend to have a starting annuity payment that is 20% to 30% lower than a contract with fixed, level payments. Inflation protection is not cheap.Of course, the question about purchasing power and inflation is timely with what’s going on in the U.S. and elsewhere. The Labor Department announced in early February that inflation hit a 40-year high, with consumer prices jumping 7.5% compared with last year. If you relied on annuity payments for all your income, the value lost to inflation would be a major problem. But your retirement income plan shouldn’t look like that.First, you have Social Security and possibly a pension, which grow with inflation. Second, when the income from these sources is not sufficient to cover inflation, you will want income from your savings to increase over time, and you should plan accordingly.  In creating that plan, you should consider annuity payments that start immediately, and a second set of annuity payments that start when you reach a certain age (or ages) in the future. The first can provide a foundation of lifetime income, and the second can be deployed in a laddered purchase of annuity payments to achieve growing income.  Here’s an illustration of a plan that provides increasing income over the years and that shows how annuity payments are deployed:Bar chart show how annuity payments form the foundation of an income plan. An $817,250 investment in laddered annuities pays out $1.5 million in annuity payments from age 70 through age 95.Bar chart show how annuity payments form the foundation of an income plan. An $817,250 investment in laddered annuities pays out $1.5 million in annuity payments from age 70 through age 95.Q: Can I cash in my future annuity payments if I need liquid funds?                                                              A: The answer is no for most contracts — due to the actuarial approach annuities are founded upon.The reason for no liquidity is that when you receive annuity payments, a portion of the higher payment is enabled by a survivor credit, which represents the benefit of pooling your longevity risk. Unlike life insurance, where the benefit is paid at your passing, under these annuity contracts the benefit is paid at your surviving. If you could cash in annuity payments during your lifetime, you’d undermine the pooling concept — and the lifetime income advantage.Our typical female retiree aged 70 who wants to increase the cash flow from her $500,000 in low-yielding savings could purchase annuity payments at an annual rate of around 6.75% today, or $33,750 per year. That’s the survivor credit benefit.  If she wanted to ensure her beneficiary a return of the balance of the annuity premium at her passing, the annuity payout rate would be around 6.00%, or $30,000 per year. How do you overcome the liquidity issue? Here are a few short answers:

  1. Understand that in drawing down from liquid savings early in retirement, you may be reducing your future income.
  2. Invest only a portion of your savings in these annuity contracts, leaving the balance of your retirement savings in liquid, marketable securities.
  3. For late-in-retirement liquidity needs, say, for medical or long-term care, use the higher annuity payments to purchase long-term care insurance, or let them accumulate in more liquid, marketable securities.

Q: What are the advantages of including annuity payments in a plan?A: These annuity contracts are similar to the pension your parents had. Just like a pension, they provide a lifetime of guaranteed income. When incorporated into a plan for retirement income, annuity payments address the most common fear of retirees: Will I outlive my savings?Recognizing the benefits of annuity payments, recent revisions to federal law governing qualified retirement plans, like 401(k)s and 403(b)s, made it easier for participants to convert part of their savings to these annuity contracts.Set out below are some of the other benefits of annuity payments.Annuity payments enable retirees to stay the course with their investmentsAnnuity payments allow you to adjust parts of your retirement income plan without giving up on your goal to live comfortably for the rest of your life. In fact, they can be one of several steps you can take to build a safer income plan.You should not put all of your savings into purchasing annuity payments. A good portion should remain in your portfolio of stocks and bonds, with a concentration in income- and dividend-producing ETFs.  In fact, retirees who are not receiving annuity payments will be very unlikely to invest a higher percentage of their equity portfolios in stocks that might generate more robust returns.I write frequently about the value of staying the course during volatile economic times, which cause some people to abandon sound plans. In fact, statistics show that individual investors underperform the market by 1% to 3% per year on average because they jump out of the market during alarming plunges.  This is even more likely for retirees who have no annuity payments.  The protection of annuity payments increases your ability to work the market to your best advantage.Recognizing that your plan is built on several pillars of guaranteed lifetime income allows you to “stay the course” during a turbulent market.Annuity payments receive favorable tax treatmentTax legislation and regulation encourage the use of these annuity contracts by offering favorable tax treatment. I believe this treatment granted by the IRS over the years is to encourage retirees to be more self-reliant in their retirement plans.As I have explained before, the IRS makes you pay taxes only once on money you earn. Here is how that translates into favorable tax treatment for annuity payments.

  1. A Single Premium Immediate Annuity (SPIA) delivers a portion of its payments tax-free when you purchase the annuity payments from savings that have already been taxed. Going back to our typical 70-year-old female retiree mentioned above, if she purchased an immediate annuity, she would see less than 4% of her annuity payments being taxable for the first 15 years.
  2.  A Deferred Income Annuity called a QLAC, when purchased with money from a rollover IRA or 401(k), reduces taxable required minimum distributions until QLAC annuity payments begin, usually at 80 or 85 years old.  A retiree with $500,000 in a rollover IRA could defer distributions on $125,000. (For 2022, QLACs are capped at 25% of the IRA balance or $135,000, whichever is less.)
  3. Under IRS Section 1035 rules, you can make a tax-free exchange of an accumulation annuity with a gain to an annuity contract with annuity payments starting immediately or in the future. That means you could spread the tax on that gain over the lifetime of the annuity payments.

More planning benefits from annuity payments As we discussed, one convenient benefit of annuity payments is that these guaranteed payments are deposited monthly into your savings or checking account while you are alive, and, if elected, while your spouse is alive. Your beneficiary can also receive a lump sum if you pass before the premium is paid out in annuity payments. Important secondary benefits of those monthly payments include the convenience of using that money to pay your recurring bills (independent of investment returns).Also, while annuity payments provide income, the resulting higher income can enable a more generous legacy for your heirs, and peace of mind that comes from knowing you won’t outlive your income.If you are ready to start building a Retirement Income Plan for your specific circumstances, visit Income Allocation Planning at Go2Income. We will ask a few easy questions so you can design a plan that meets your objectives. Whether I have fully convinced you about the value of annuity payments or not, why not research on your own. Click annuity info to compare your annuity payment and tax benefits with our investor’s results in the article.This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.President, Golden Retirement Advisors Inc.Jerry Golden is the founder and CEO of Golden Retirement Advisors Inc. He specializes in helping consumers create retirement plans that provide income that cannot be outlived. Find out more at Go2income.com, where consumers can explore all types of income annuity options, anonymously and at no cost.window.__APOLLO_STATE__={“NestedMetadata:{}”:{“__typename”:”NestedMetadata”,”meta”:[{“__typename”:”Metadata”,”key”:”pageTitle”,”value”:”Annuity Payments Don’t Make Your Retirement: They Make It Better”},{“__typename”:”Metadata”,”key”:”pageDescription”,”value”:”Answers to frequently asked questions about how annuities work, what they can do for retirees, how they are taxed and how inflation affects them.”},{“__typename”:”Metadata”,”key”:”twitterTitle”,”value”:”Annuity Payments Don’t Make Your Retirement: They Make It Better | Kiplinger”},{“__typename”:”Metadata”,”key”:”twitterDescription”,”value”:”Answers to frequently asked questions about how annuities work, what they can do for retirees, how they are taxed and how inflation affects them.”},{“__typename”:”Metadata”,”key”:”ogTitle”,”value”:”Annuity Payments Don’t Make Your Retirement: They Make It Better | Kiplinger”},{“__typename”:”Metadata”,”key”:”ogDescription”,”value”:”Answers to frequently asked questions about how annuities work, what they can do for retirees, how they are taxed and how inflation affects them.”},{“__typename”:”Metadata”,”key”:”ogImage”,”value”:”https://yarabi.ir/wp-content/uploads/2022/02/IceCreamCones.jpg”},{“__typename”:”Metadata”,”key”:”twitterImage”,”value”:”https://yarabi.ir/wp-content/uploads/2022/02/IceCreamCones.jpg”}],”dataLayer”:[{“__typename”:”Metadata”,”key”:”articleGroupParentNodeId”,”value”:””},{“__typename”:”Metadata”,”key”:”articleSectionCount”,”value”:””},{“__typename”:”Metadata”,”key”:”articleType”,”value”:”Building Wealth”},{“__typename”:”Metadata”,”key”:”author”,”value”:”Jerry Golden, Investment Adviser Representative”},{“__typename”:”Metadata”,”key”:”bodyCopyParagraphs”,”value”:”29″},{“__typename”:”Metadata”,”key”:”breadcrumbLevel2″,”value”:”retirement”},{“__typename”:”Metadata”,”key”:”breadcrumbLevel3″,”value”:”annuities”},{“__typename”:”Metadata”,”key”:”breadcrumbLevel4″,”value”:””},{“__typename”:”Metadata”,”key”:”categoryLevel2″,”value”:”annuities”},{“__typename”:”Metadata”,”key”:”categoryLevel3″,”value”:””},{“__typename”:”Metadata”,”key”:”categoryLevel4″,”value”:””},{“__typename”:”Metadata”,”key”:”client”,”value”:””},{“__typename”:”Metadata”,”key”:”contentType”,”value”:”Article”},{“__typename”:”Metadata”,”key”:”dfpDefaultAdUnitPath”,”value”:”/10518929/kiplinger/retirement/annuities/building-wealth”},{“__typename”:”Metadata”,”key”:”expectedTrafficSource|targetedSearchPhrase”,”value”:”Direct/newsletter”},{“__typename”:”Metadata”,”key”:”headline”,”value”:”Annuity Payments Don’t Make Your Retirement: They Make It Better”},{“__typename”:”Metadata”,”key”:”internalLinks”,”value”:”0″},{“__typename”:”Metadata”,”key”:”mainPurpose”,”value”:”Quality traffic”},{“__typename”:”Metadata”,”key”:”mainPurpose|client”,”value”:”Quality traffic”},{“__typename”:”Metadata”,”key”:”nodeId”,”value”:”604254″},{“__typename”:”Metadata”,”key”:”originalPublicationDate”,”value”:”20220225″},{“__typename”:”Metadata”,”key”:”pageType”,”value”:”Node (Article)”},{“__typename”:”Metadata”,”key”:”publicationDate”,”value”:”20220225″},{“__typename”:”Metadata”,”key”:”siteName”,”value”:”Kiplinger”},{“__typename”:”Metadata”,”key”:”sponsored”,”value”:”0″},{“__typename”:”Metadata”,”key”:”tags”,”value”:””},{“__typename”:”Metadata”,”key”:”topArticleType”,”value”:”Building Wealth”},{“__typename”:”Metadata”,”key”:”targetedSearchPhrase”,”value”:””},{“__typename”:”Metadata”,”key”:”topCategory”,”value”:”retirement”},{“__typename”:”Metadata”,”key”:”topbreadcrumb”,”value”:”Home”},{“__typename”:”Metadata”,”key”:”wordCount”,”value”:”1734″},{“__typename”:”Metadata”,”key”:”expectedTrafficSource”,”value”:”Direct/newsletter”},{“__typename”:”Metadata”,”key”:”category”,”value”:”annuities”},{“__typename”:”Metadata”,”key”:”allCategories”,”value”:”wealth creation”},{“__typename”:”Metadata”,”key”:”topic”,”value”:””},{“__typename”:”Metadata”,”key”:”make”,”value”:””},{“__typename”:”Metadata”,”key”:”product”,”value”:””},{“__typename”:”Metadata”,”key”:”productFamily”,”value”:””},{“__typename”:”Metadata”,”key”:”allMakes”,”value”:””},{“__typename”:”Metadata”,”key”:”allProductFamilies”,”value”:””},{“__typename”:”Metadata”,”key”:”allProducts”,”value”:””},{“__typename”:”Metadata”,”key”:”accessLevel”,”value”:”Metered”}],”hreflang”:[]},”Article:604254″:{“id”:”604254″,”__typename”:”Article”,”url”:”/retirement/annuities/604254/annuity-payments-dont-make-your-retirement-they-make-it-better”,”contentType”:”ARTICLE”,”metaData”:{“__ref”:”NestedMetadata:{}”},”isIndexArticlePage”:false,”layoutType”:null,”title”:”Annuity Payments Don’t Make Your Retirement: They Make It Better”,”altTitle”:””,”created”:”2022-02-25T04:30:05-05:00″,”updated”:”2022-02-25T04:30:05-05:00″,”breadcrumbs”:[{“__typename”:”Breadcrumb”,”url”:”/”,”title”:”Home”},{“__typename”:”Breadcrumb”,”url”:”/retirement”,”title”:”retirement”},{“__typename”:”Breadcrumb”,”url”:”/retirement/annuities”,”title”:”annuities”}],”associatedContent({“limits”:[{“limit”:4,”type”:”featuredResources”},{“limit”:4,”type”:”recommended”},{“limit”:4,”type”:”mostPopular”},{“limit”:10,”type”:”relatedPages”},{“limit”:23,”type”:”indexArticlePageList”},{“name”:[“Featured Resources”],”type”:”siteBlock”}]})”:[{“__typename”:”AssociatedContent”,”title”:null,”url”:null,”pagination”:null,”type”:”mostPopular”,”items”:[{“__ref”:”WhitepaperResource:602288″},{“__ref”:”Gallery:603617″},{“__ref”:”Article:604183″},{“__ref”:”Gallery:602983″}]},{“__typename”:”AssociatedContent”,”title”:null,”url”:null,”pagination”:null,”type”:”recommended”,”items”:[{“__ref”:”Article:604245″},{“__ref”:”Article:604243″},{“__ref”:”Article:604242″},{“__ref”:”Article:604236″}]}],”subtitle”:”Answers to frequently asked questions about how annuities work, what they can do for retirees, how they are taxed and how inflation affects them.”,”authors({“limit”:3})”:[{“__ref”:”Author:600585″}],”label”:”annuities”,”categories”:[{“__typename”:”TaxonomyTerm”,”name”:”wealth creation”,”url”:”/investing/wealth-management/wealth-creation”},{“__typename”:”TaxonomyTerm”,”name”:”annuities”,”url”:”/retirement/annuities”}],”belowBodyTerms”:[{“__typename”:”TaxonomyTerm”,”name”:”wealth creation”,”url”:”/investing/wealth-management/wealth-creation”},{“__typename”:”TaxonomyTerm”,”name”:”annuities”,”url”:”/retirement/annuities”}],”body”:[{“__ref”:”DataBlock:dae615a450915796ea5138306650dc56dc2e71ce”},{“__ref”:”DataBlock:abe0181077360a1747619d3d2d34aaf0f5930797″},{“__ref”:”DataBlock:928a5b03f8d1d521b259834336e575bed8785764″},{“__ref”:”DataBlock:7942b5209d5b0b97dc8d90b1bde1c09d063492b2″},{“__ref”:”DataBlock:ca663f257bba24a9aa9834b32c8949fd220fa6e6″},{“__ref”:”DataBlock:dde1570fbf8d37e6b1082c60b4636253a5d9a758″},{“__ref”:”DataBlock:80cf585e297886ca35c2b6f761d3955b9845bbaf”},{“__ref”:”DataBlock:fea12be2f4cbacaca6472b54f9fa72b7a14de170″},{“__ref”:”DataBlock:398ce740669f03023114a205f320c85e3f258d7c”},{“__ref”:”DataBlock:b41dc28215ca33844be0c0e61850cbff851046bc”},{“__ref”:”DataBlock:b66c4dd0dcdb750eb7047290166e4f9c7ec993b4″},{“__ref”:”DataBlock:a06545222111aeea200024d644cb8cd320538a75″},{“__ref”:”DataBlock:b31d18358f1f0eae84239cb5673db351a33e7818″},{“__ref”:”DataBlock:c0d74b66416311bac799be2e7f72187ac24e06a5″},{“__ref”:”DataBlock:8dcf41f786bc7ff6b933f1d1f55f0bf146b0d104″},{“__ref”:”DataBlock:3c38b6c072750b4da137aa0be24212418cc1d921″},{“__ref”:”DataBlock:ce15efe0b8dc77cc051437fd67e3271d5b93c576″},{“__ref”:”DataBlock:ab2f9705ae71af3f4659ffbef07740a81a9a4ba1″},{“__ref”:”DataBlock:f170401dd5448e7e9ff35cfa53927b056bd9de35″},{“__ref”:”DataBlock:a0ccc0cc93082d337a68f0ac3be6d222f423a5d0″},{“__ref”:”DataBlock:8a1ad3ad00cabf00ce893972e0b7091932e05f46″},{“__ref”:”DataBlock:0e14787c90df4afb9a20177337ac898c2d659c41″},{“__ref”:”DataBlock:5012b461ff36bfa704845f5244a1382d072bc062″},{“__ref”:”DataBlock:36c08dfae2d02e92a1e370c3f9b5d3ddec79d487″},{“__ref”:”DataBlock:6a8e959274495bc960a4b5e9508ca4e713df32a5″},{“__ref”:”DataBlock:d8962dff9c99fadb7711b3cd49836b6916fc2477″},{“__ref”:”DataBlock:1e4d213c84b02ebb9f47cd35f968f4f4f05a0190″},{“__ref”:”DataBlock:9671ca5f2502452142c99cbe74dc787fc4cfa656″},{“__ref”:”DataBlock:87e3e23ebfbe52ce04e1b6318d2e4ff1ddb9650f”},{“__ref”:”DataBlock:19e662d93117c57c9e77235477a622a91eeae8b4″},{“__ref”:”DataBlock:d3ecab30b3f886b1532456065852db25230c36d0″},{“__ref”:”DataBlock:4a97eda0b0ad285da3a0de3b4c1855fea1d4caa5″},{“__ref”:”DataBlock:91f0e73c86e9432b73b17a4b6837775e99d4cbf7″},{“__ref”:”DataBlock:130972884bac8654b7b7350754b58f2809d61fbf”},{“__ref”:”DataBlock:753a5e6c40c0f09699527b4f90b92dfd5eac1635″},{“__ref”:”DataBlock:5eb5060a54fa228762db912cdba1045d7ec16ddc”},{“__ref”:”DataBlock:9b2b98a75522fa8022e8b692ddfbd319ad88a46f”},{“__ref”:”DataBlock:374469c99f3ff56b38b4ff2790d789aa4c8ec6b0″},{“__ref”:”DataBlock:897adfe06338c3e09140f7aae73143a36da550b7″},{“__ref”:”DataBlock:fd65cf00fc14f6b52f9f9d4c49259661616f12e1″},{“__ref”:”DataBlock:8af6ace6f52640a8b05ba8c55b5de30bfe7416f3″},{“__ref”:”DataBlock:2767fff91957a1d6b1d76a67df4a66bad6d9befb”},{“__ref”:”DataBlock:76ba640c373f7160169f76c4996fb0fbfdfb46cc”}],”primaryMedia”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–MGKLjllm–/v1627561821/IceCreamCones.jpg”,”alt”:”Comparing two ice cream cones: One with one scoop and one with three.”,”width”:3200,”height”:1800,”caption”:null,”credit”:”Getty Images”},”fullWidth”:false,”monetising”:[{“__typename”:”Monetising”,”service”:”digiteka”,”enabled”:true,”config”:[{“__typename”:”KVP”,”key”:”id”,”value”:”04500882″},{“__typename”:”KVP”,”key”:”zone”,”value”:”3″}]}],”isSponsored”:false,”sponsor”:null,”resources”:{“__typename”:”Resources”,”whitepaper”:{“__typename”:”Whitepaper”,”whitepaperAssetId”:””,”formName”:””,”locale”:””}},”teaserImage”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–MGKLjllm–/v1627561821/IceCreamCones.jpg”,”alt”:”Comparing two ice cream cones: One with one scoop and one with three.”,”width”:3200,”height”:1800}},”GoogleAnalyticsConfig:UA-4337061-4″:{“id”:”UA-4337061-4″,”__typename”:”GoogleAnalyticsConfig”,”linkerDomains”:[“w1.buysub.com”,”www.kiplinger.com”,”my.kiplinger.com”,”store.kiplinger.com”,”service.kiplinger.com”,”personalfinance.kiplinger.com”]},”GoogleTagManagerConfig:GTM-N6ZBDCL”:{“id”:”GTM-N6ZBDCL”,”__typename”:”GoogleTagManagerConfig”},”GoogleTagManagerAmpConfig:GTM-KBX5J35″:{“id”:”GTM-KBX5J35″,”__typename”:”GoogleTagManagerAmpConfig”},”Article:600858″:{“id”:”600858″,”__typename”:”Article”,”url”:”/customer-service”},”MenuItem:8345e254154b766412b684be19d4550770fff44d”:{“id”:”8345e254154b766412b684be19d4550770fff44d”,”__typename”:”MenuItem”,”title”:”Customer Service”,”type”:”footer”,”url”:””,”item”:{“__ref”:”Article:600858″},”children”:null},”Article:600856″:{“id”:”600856″,”__typename”:”Article”,”url”:”/about-us”},”MenuItem:276ace3fd50bd614048dfad07f09b948fe3728c1″:{“id”:”276ace3fd50bd614048dfad07f09b948fe3728c1″,”__typename”:”MenuItem”,”title”:”About Us”,”type”:”footer”,”url”:””,”item”:{“__ref”:”Article:600856″},”children”:null},”MenuItem:2de454a23c6767f4c260d03381c5fee4e2e71df0″:{“id”:”2de454a23c6767f4c260d03381c5fee4e2e71df0″,”__typename”:”MenuItem”,”title”:”Advertise With Us”,”type”:”footer”,”url”:”https://www.kiplinger.com/web_docs/media_kit/kiplinger_media_kit.pdf”,”item”:null,”children”:null},”MenuItem:20e471e74d2c9e3d3e2014b9d353be2ce52207ad”:{“id”:”20e471e74d2c9e3d3e2014b9d353be2ce52207ad”,”__typename”:”MenuItem”,”title”:”Privacy Policy”,”type”:”footer”,”url”:”https://www.futureplc.com/privacy-policy/”,”item”:null,”children”:null},”MenuItem:a7d174970872cc2f6924dc6968b2ab4ac141ab9a”:{“id”:”a7d174970872cc2f6924dc6968b2ab4ac141ab9a”,”__typename”:”MenuItem”,”title”:”Cookie Policy”,”type”:”footer”,”url”:”https://www.futureplc.com/cookies-policy/”,”item”:null,”children”:null},”MenuItem:ba95f78305a4b3d6316babf911435f8d3e01b158″:{“id”:”ba95f78305a4b3d6316babf911435f8d3e01b158″,”__typename”:”MenuItem”,”title”:”Kiplinger Careers”,”type”:”footer”,”url”:”https://www.futureplc.com/careers/”,”item”:null,”children”:null},”MenuItem:5517e9a6f7516e81cea3b8f59621d9247bbcf321″:{“id”:”5517e9a6f7516e81cea3b8f59621d9247bbcf321″,”__typename”:”MenuItem”,”title”:”Accessibility”,”type”:”footer”,”url”:”https://www.futureplc.com/accessibility-statement/”,”item”:null,”children”:null},”Menu:389caef82c6fff2bd63107739a72f2d914e72421″:{“id”:”389caef82c6fff2bd63107739a72f2d914e72421″,”__typename”:”Menu”,”type”:”footer”,”items”:[{“__ref”:”MenuItem:8345e254154b766412b684be19d4550770fff44d”},{“__ref”:”MenuItem:276ace3fd50bd614048dfad07f09b948fe3728c1″},{“__ref”:”MenuItem:2de454a23c6767f4c260d03381c5fee4e2e71df0″},{“__ref”:”MenuItem:20e471e74d2c9e3d3e2014b9d353be2ce52207ad”},{“__ref”:”MenuItem:a7d174970872cc2f6924dc6968b2ab4ac141ab9a”},{“__ref”:”MenuItem:ba95f78305a4b3d6316babf911435f8d3e01b158″},{“__ref”:”MenuItem:5517e9a6f7516e81cea3b8f59621d9247bbcf321″}]},”Article:2″:{“id”:”2″,”__typename”:”Article”,”url”:”/”},”MenuItem:02fb15aef68a9c3dc8d47d2aab08dbd766dfcede”:{“id”:”02fb15aef68a9c3dc8d47d2aab08dbd766dfcede”,”__typename”:”MenuItem”,”title”:”Home”,”type”:”header”,”url”:””,”item”:{“__ref”:”Article:2″},”children”:null},”TaxonomyIndex:20062_index_page”:{“id”:”20062_index_page”,”__typename”:”TaxonomyIndex”,”url”:”/investing”},”MenuItem:74f574da465184082c5f08ad146f19d27485e2aa”:{“id”:”74f574da465184082c5f08ad146f19d27485e2aa”,”__typename”:”MenuItem”,”title”:”Investing”,”type”:”header”,”url”:””,”item”:{“__ref”:”TaxonomyIndex:20062_index_page”},”children”:null},”TaxonomyIndex:20073_index_page”:{“id”:”20073_index_page”,”__typename”:”TaxonomyIndex”,”url”:”/retirement”},”MenuItem:cbcc2b61fe57d5a49da6e2fb673903d713aebcf9″:{“id”:”cbcc2b61fe57d5a49da6e2fb673903d713aebcf9″,”__typename”:”MenuItem”,”title”:”Retirement”,”type”:”header”,”url”:””,”item”:{“__ref”:”TaxonomyIndex:20073_index_page”},”children”:null},”TaxonomyIndex:20087_index_page”:{“id”:”20087_index_page”,”__typename”:”TaxonomyIndex”,”url”:”/taxes”},”MenuItem:a0caaf3c909c0846cb3480125260c3eb8ef03617″:{“id”:”a0caaf3c909c0846cb3480125260c3eb8ef03617″,”__typename”:”MenuItem”,”title”:”Taxes”,”type”:”header”,”url”:””,”item”:{“__ref”:”TaxonomyIndex:20087_index_page”},”children”:null},”TaxonomyIndex:20094_index_page”:{“id”:”20094_index_page”,”__typename”:”TaxonomyIndex”,”url”:”/personal-finance”},”MenuItem:b037d06ad1101f8e3c55e4b333ac6ded724b14c9″:{“id”:”b037d06ad1101f8e3c55e4b333ac6ded724b14c9″,”__typename”:”MenuItem”,”title”:”Personal Finance”,”type”:”header”,”url”:””,”item”:{“__ref”:”TaxonomyIndex:20094_index_page”},”children”:null},”TaxonomyIndex:20093_index_page”:{“id”:”20093_index_page”,”__typename”:”TaxonomyIndex”,”url”:”/business”},”MenuItem:7598a1f5de1bbf0300796c414f4ff1d72fa69199″:{“id”:”7598a1f5de1bbf0300796c414f4ff1d72fa69199″,”__typename”:”MenuItem”,”title”:”Your Business”,”type”:”header”,”url”:””,”item”:{“__ref”:”TaxonomyIndex:20093_index_page”},”children”:null},”TaxonomyIndex:20004_index_page”:{“id”:”20004_index_page”,”__typename”:”TaxonomyIndex”,”url”:”/building-wealth”},”MenuItem:770f288af46d26d859e59f5a7802299950a68eda”:{“id”:”770f288af46d26d859e59f5a7802299950a68eda”,”__typename”:”MenuItem”,”title”:”Wealth Creation”,”type”:”header”,”url”:””,”item”:{“__ref”:”TaxonomyIndex:20004_index_page”},”children”:null},”TaxonomyIndex:20022_index_page”:{“id”:”20022_index_page”,”__typename”:”TaxonomyIndex”,”url”:”/podcast”},”MenuItem:2039accb95e8b81d727aed317bd52e38bb15bc9a”:{“id”:”2039accb95e8b81d727aed317bd52e38bb15bc9a”,”__typename”:”MenuItem”,”title”:”Podcasts”,”type”:”header”,”url”:””,”item”:{“__ref”:”TaxonomyIndex:20022_index_page”}},”TaxonomyIndex:20524_index_page”:{“id”:”20524_index_page”,”__typename”:”TaxonomyIndex”,”url”:”/economic-forecasts”},”MenuItem:2817a87b73f91efd2f146b059af1047863824ff8″:{“id”:”2817a87b73f91efd2f146b059af1047863824ff8″,”__typename”:”MenuItem”,”title”:”Economic Outlooks”,”type”:”header”,”url”:””,”item”:{“__ref”:”TaxonomyIndex:20524_index_page”}},”TaxonomyIndex:20813_index_page”:{“id”:”20813_index_page”,”__typename”:”TaxonomyIndex”,”url”:”/tools”},”MenuItem:cfe0eee6e9b4f2223fb90221ef8b4066125f9da4″:{“id”:”cfe0eee6e9b4f2223fb90221ef8b4066125f9da4″,”__typename”:”MenuItem”,”title”:”Tools”,”type”:”header”,”url”:””,”item”:{“__ref”:”TaxonomyIndex:20813_index_page”}},”MenuItem:06bb3020cbc0f58117f906f2c0b854888d1e84a4″:{“id”:”06bb3020cbc0f58117f906f2c0b854888d1e84a4″,”__typename”:”MenuItem”,”title”:”More”,”type”:”header”,”url”:””,”item”:null,”children”:[{“__ref”:”MenuItem:2039accb95e8b81d727aed317bd52e38bb15bc9a”},{“__ref”:”MenuItem:2817a87b73f91efd2f146b059af1047863824ff8″},{“__ref”:”MenuItem:cfe0eee6e9b4f2223fb90221ef8b4066125f9da4″}]},”MenuItem:e3179d1e9163471fc8321206ac4308b62abe3b76″:{“id”:”e3179d1e9163471fc8321206ac4308b62abe3b76″,”__typename”:”MenuItem”,”title”:”Kiplinger’s Personal Finance Magazine”,”type”:”header”,”url”:”https://my.kiplinger.com/members/kip”,”item”:null},”MenuItem:ffe88c0fc1659baf48448d3863ea2cd84ffac312″:{“id”:”ffe88c0fc1659baf48448d3863ea2cd84ffac312″,”__typename”:”MenuItem”,”title”:”The Kiplinger Letter”,”type”:”header”,”url”:”https://my.kiplinger.com/members/kwl”,”item”:null},”MenuItem:00cdd5af5ac2a93b49ccb5f25dcc4506a6ef0440″:{“id”:”00cdd5af5ac2a93b49ccb5f25dcc4506a6ef0440″,”__typename”:”MenuItem”,”title”:”The Kiplinger Tax Letter”,”type”:”header”,”url”:”https://my.kiplinger.com/members/ktl”,”item”:null},”MenuItem:a5e80ae368950bfe652959da75e7aa5c7dff72ee”:{“id”:”a5e80ae368950bfe652959da75e7aa5c7dff72ee”,”__typename”:”MenuItem”,”title”:”Kiplinger’s Investing for Income”,”type”:”header”,”url”:”https://my.kiplinger.com/members/kii”,”item”:null},”MenuItem:efd6884a5df615746e7d5459973e3bff8fa8a09a”:{“id”:”efd6884a5df615746e7d5459973e3bff8fa8a09a”,”__typename”:”MenuItem”,”title”:”Kiplinger’s Retirement Report”,”type”:”header”,”url”:”https://my.kiplinger.com/members/krr”,”item”:null},”MenuItem:b6364b3a202d4941734debcc1697480d33731ea3″:{“id”:”b6364b3a202d4941734debcc1697480d33731ea3″,”__typename”:”MenuItem”,”title”:”Store”,”type”:”header”,”url”:”https://store.kiplinger.com/index.html”,”item”:null},”MenuItem:002413402f545cfad34f9f5c7949bfae2e5144b6″:{“id”:”002413402f545cfad34f9f5c7949bfae2e5144b6″,”__typename”:”MenuItem”,”title”:”Manage My E-Newsletters”,”type”:”header”,”url”:”https://my.kiplinger.com/email”,”item”:null},”MenuItem:760caae6d0d2d26db1894f031466bcc441268e90″:{“id”:”760caae6d0d2d26db1894f031466bcc441268e90″,”__typename”:”MenuItem”,”title”:”My Subscriptions”,”type”:”header”,”url”:”https://my.kiplinger.com/login/profile.php”,”item”:null},”MenuItem:bc302239c3ea088c343a9e563b8c4f0de219ddca”:{“id”:”bc302239c3ea088c343a9e563b8c4f0de219ddca”,”__typename”:”MenuItem”,”title”:”My Kiplinger”,”type”:”header”,”url”:””,”item”:null,”children”:[{“__ref”:”MenuItem:e3179d1e9163471fc8321206ac4308b62abe3b76″},{“__ref”:”MenuItem:ffe88c0fc1659baf48448d3863ea2cd84ffac312″},{“__ref”:”MenuItem:00cdd5af5ac2a93b49ccb5f25dcc4506a6ef0440″},{“__ref”:”MenuItem:a5e80ae368950bfe652959da75e7aa5c7dff72ee”},{“__ref”:”MenuItem:efd6884a5df615746e7d5459973e3bff8fa8a09a”},{“__ref”:”MenuItem:b6364b3a202d4941734debcc1697480d33731ea3″},{“__ref”:”MenuItem:002413402f545cfad34f9f5c7949bfae2e5144b6″},{“__ref”:”MenuItem:760caae6d0d2d26db1894f031466bcc441268e90″}]},”Menu:17484144a224fc48552caf94d029e9a6df18d578″:{“id”:”17484144a224fc48552caf94d029e9a6df18d578″,”__typename”:”Menu”,”type”:”header”,”items”:[{“__ref”:”MenuItem:02fb15aef68a9c3dc8d47d2aab08dbd766dfcede”},{“__ref”:”MenuItem:74f574da465184082c5f08ad146f19d27485e2aa”},{“__ref”:”MenuItem:cbcc2b61fe57d5a49da6e2fb673903d713aebcf9″},{“__ref”:”MenuItem:a0caaf3c909c0846cb3480125260c3eb8ef03617″},{“__ref”:”MenuItem:b037d06ad1101f8e3c55e4b333ac6ded724b14c9″},{“__ref”:”MenuItem:7598a1f5de1bbf0300796c414f4ff1d72fa69199″},{“__ref”:”MenuItem:770f288af46d26d859e59f5a7802299950a68eda”},{“__ref”:”MenuItem:06bb3020cbc0f58117f906f2c0b854888d1e84a4″},{“__ref”:”MenuItem:bc302239c3ea088c343a9e563b8c4f0de219ddca”}]},”ROOT_QUERY”:{“__typename”:”Query”,”getRoot:RootQuery({“limit”:27,”url”:”retirement/annuities/604254/annuity-payments-dont-make-your-retirement-they-make-it-better”})”:{“__typename”:”RequestResponse”,”status”:{“__typename”:”ResponseStatus”,”code”:200,”location”:””,”noAmp”:false,”noIndex”:false,”prefetch”:[]},”page”:{“__ref”:”Article:604254″}},”getConfig({“url”:”retirement/annuities/604254/annuity-payments-dont-make-your-retirement-they-make-it-better”})”:{“__typename”:”GlobalSettings”,”siteTitle”:”Kiplinger”,”siteDescription”:”Personal Finance News, Investing Advice, Business Forecasts”,”siteLogo”:”https://www.kiplinger.com/public/logo-kiplinger.svg”,”twitterHandle”:”@Kiplinger”,”twitterSiteId”:”22042454″,”googleAnalytics”:{“__ref”:”GoogleAnalyticsConfig:UA-4337061-4″},”googleOptimize”:null,”googleTagManager”:{“__ref”:”GoogleTagManagerConfig:GTM-N6ZBDCL”},”googleTagManagerAmp”:{“__ref”:”GoogleTagManagerAmpConfig:GTM-KBX5J35″},”sourcepoint”:{“__typename”:”SourcePointConfig”,”accountId”:145,”ccpa”:true,”mmsDomain”:”https://kip-mms.kiplinger.com”,”privacyManagerId”:178954,”propertyHref”:”https://kiplinger.com”,”propertyId”:6184},”permutive”:{“__typename”:”PermutiveConfig”,”projectId”:”5642074a-7820-46d3-a3d9-f26f3cc6e800″,”publicApiKey”:”f883c4a3-5ce8-43bd-8331-0f46066c8644″,”namespace”:”Dennis”},”headerBidding”:{“__typename”:”HeaderBiddingConfig”,”enabled”:true,”indexWrapperId”:”185497-109331370931369″},”getMenu({“types”:[“header”,”footer”]})”:[{“__ref”:”Menu:389caef82c6fff2bd63107739a72f2d914e72421″},{“__ref”:”Menu:17484144a224fc48552caf94d029e9a6df18d578″}],”promoBoxSettings”:{“__typename”:”PromoBoxSettings”,”title”:”Subscribe to Kiplinger’s Personal Finance”,”longText”:”Be a smarter, better informed investor.”,”shortText”:”Be a smarter, better informed investor.”,”ctaText”:”Save up to 76%”,”ctaLink”:”https://w1.buysub.com/servlet/OrdersGateway?cds_mag_code=KPP&cds_page_id=260073″,”image”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–Wpvr__qT–/v1609848959/coverimages/Kip_Covers_3%20_201.png”,”width”:201,”height”:201,”alt”:null}},”instana”:{“__typename”:”InstanaConfig”,”apiKey”:”LjXhW08uSiak_pKdtPNxGg”,”reportingUrl”:”https://eum-eu-west-1.instana.io”},”copyright”:”Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site www.futurenet.comrn© Future US LLC, 10th floor, 1100 13th Street NW, Washington, DC 20005. All rights reserved.”,”adSettings”:{“__typename”:”AdsSettings”,”afterContentDesktopAds”:true,”afterContentMobileAds”:true,”afterNavigationDesktopAds”:true,”afterNavigationMobileAds”:false,”beforeInlineSubsDesktopAds”:500,”beforeInlineNewsletterDesktopAds”:500,”beforeInlineSubsMobileAds”:500,”beforeInlineNewsletterMobileAds”:500,”beforeDigitekaDesktopAds”:100,”beforeDigitekaMobileAds”:300,”lineItemBlacklist”:[“5278716412″,”5283308611″,”5339604929″,”5388872120″,”5278716415″,”5283308872″,”5321027692″,”5321405462″,”5321405990″,”5279548239″,”5387835597″,”5388899477″,”5354253292″,”5354253289″,”5338372734″,”5338373664″,”5339163517″,”5339531420″,”5341548945″,”5341553172″,”5349585488″,”5349514796″,”5349450674″,”5349331124″,”5349245998″,”5349220753″,”5349140371″,”5349109333″,”5348403084″,”5348361567″,”5348173125″,”5278699150″,”5283308617″,”5283308875″,”5346420470″,”5346406970″,”5346158632″,”5345320518″,”5334741572″,”5344130585″,”5342979324″,”5344130588″,”5292373140″,”5292373119″,”5308891421″,”5330449575″,”5333639979″,”5333638248″,”5383070078″,”5383069622″,”5391702876″,”5391703383″,”5482450318″,”5519627453″,”5519506015″,”5501295062″,”5543078562″,”5543680231″,”5520265671″,”5570244691″,”5502112281″,”5574725411″,”5574725279″,”5574725405″,”5573460606″,”5573460621″,”5573460600″,”5587671982″,”5587671985″,”5587671991″,”5570325039″,”5573483907″,”5571442684″,”5587925243″,”5493194114″,”5604253329″,”5587925246″,”5587925252″,”5580637383″,”5601111485″,”5599580085″,”5588905382″,”5608006532″,”5587671973″,”5587671964″,”5505492445″,”5587672003″,”5588670928″,”5492866282″,”5588905367″,”5588671090″,”5588905376″,”5584426261″,”5573460615″,”5616634726″,”5566226139″,”5588671084″,”5626668373″,”5627736659″,”5627741687″,”5627318590″,”5627318779″,”5627318800″,”5587943663″,”5587941518″,”5587678453″,”5573467653″,”5504397480″,”5612366098″,”5588924801″,”5588924813″,”5588924834″,”5607694939″,”5612326501″,”5588924846″,”5587943684″,”5587943687″,”5612323852″,”5587943678″,”5628475880″,”5611201653″,”5587943669″,”5612369902″,”5588924774″,”5612758973″,”5587943642″,”5587943651″,”5631425184″,”5622925635″,”5639100420″,”5639100417″,”5640144220″,”5607694939″,”5662182159″,”5627767400″,”5627767388″,”5653333168″,”5627323102″,”5627323108″,”5653262390″,”5653262390″,”5627767391″,”5627323102″,”5646326877″,”5627767388″,”5647905545″,”5627323111″,”5653262390″,”5652553807″,”5651689850″,”5647905545″,”5520265671″,”5663415524″,”5627767400″,”5652553807″,”5659549619″,”5628475880″,”5646326877″,”5601111485″,”5656691668″,”5651689856″,”5599580085″,”5627767391″,”5651689841″,”5599580085″,”5651689841″,”5601111485″,”5627323108″,”5651689841″,”5627323111″,”5656691674″,”5656691032″,”5574738866″,”5622925635″,”5622925635″,”5567303176″,”5622925635″,”5622925635″,”5542051593″,”5671482197″,”5691718204″,”5715190736″,”5720033983″,”5719021801″,”5719018498″,”5719017580″,”5725264307″,”5726585934″,”5731681393″,”5730650877″,”5732697319″,”5732535337″,”5732369276″,”5730653214″,”5727260156″,”5725489623″,”5730775338″,”5721764151″,”5731817944″,”5721764151″,”5726433038″,”5726433038″,”5730775332″,”5727260159″,”5727260159″,”5724635640″,”5727260159″,”5726433038″,”5731817941″,”5724635640″,”5724635640″,”5742459595″,”5732697319″,”5750189011″,”5773643510″,”5773643438″,”5771824290″,”5771824290″,”5797810497″,”5799795738″,”5799795801″,”5798953368″,”5771824290″,”5798953365″,”5798227089″,”5799795786″,”5796320527″,”5794978494″,”5801098735″,”5725745892″,”5794978491″,”5784321817″,”5796320521″,”5801098714″,”5798953374″,”5725745892″,”5798227089″,”5771477945″,”5798953371″,”5798227089″,”5771477945″,”5771477945″,”5797810518″,”5721764151″,”5721764151″,”5784321817″,”5725575794″,”5721764151″,”5721764151″,”5823353915″,”5821506702″,”5821506705″,”5821506690″,”5821506678″,”5821804237″,”5841131253″,”5847881440″,”5846496468″,”5847881509″,”5852785678″],”listGalleryAds”:1,”lastInlineDesktopAds”:180,”lastInlineMobileAds”:150,”teadsDesktopAds”:100,”betweenInlineDesktopAds”:250,”betweenInlineMobileAds”:150,”beforeInlineDesktopAds”:200,”beforeInlineMobileAds”:50,”refreshBlacklist”:””,”refreshSiteWide”:true,”refreshTime”:20000,”galleryInlineDesktopAds”:1,”galleryListDesktopAds”:1,”galleryListMobileAds”:1,”galleryBlockDesktopAds”:1,”galleryBlockMobileAds”:2},”preconnectList”:[“https://fonts.gstatic.com”,”https://polyfill.io”,”https://connect.facebook.net”,”https://stats.g.doubleclick.net”,”https://cdn.permutive.com”,”https://eum.instana.io”,”https://www.google-analytics.com”,”https://fonts.googleapis.com”,”https://g314.kiplinger.com”,”https://mediacloud.kiplinger.com”],”converterPublisherId”:”172″,”newsletterLink”:”https://my.kiplinger.com/email”,”gptTracking”:false,”blueconicScriptUrl”:”https://g314.kiplinger.com/script.js”},”renderType”:”default”,”path”:”/retirement/annuities/604254/annuity-payments-dont-make-your-retirement-they-make-it-better”,”url”:”https://www.kiplinger.com/retirement/annuities/604254/annuity-payments-dont-make-your-retirement-they-make-it-better”,”config”:”{“ads”:{“slot-1”:{“slotSize”:[[300,250],”fluid”],”sizeMapping”:[{“viewport”:[760,0],”slot”:[[728,90],[300,250],”fluid”]},{“viewport”:[980,0],”slot”:[[970,250],[970,90],[728,90],”fluid”]}],”targeting”:{“position”:”after_content_1″,”placement”:”after_content_1″,”refresh”:”yes”},”bordeauxExtraClassNames”:{“ad_inline”:true}},”slot-2″:{“slotSize”:[[300,250],[300,600],”fluid”],”sizeMapping”:[{“viewport”:[0,0],”slot”:[]},{“viewport”:[980,0],”slot”:[[300,250],[300,600],”fluid”]}],”targeting”:{“position”:”right_1″,”placement”:”right_1″,”refresh”:”yes”}},”slot-3″:{“slotSize”:[[120,60],”fluid”],”sizeMapping”:[{“viewport”:[0,0],”slot”:[]},{“viewport”:[980,0],”slot”:[[120,60],”fluid”]}]},”slot-4″:{“slotSize”:[[120,60],”fluid”],”sizeMapping”:[{“viewport”:[760,0],”slot”:[]}]},”stickyfooter”:{“slotSize”:[[320,100],[320,50],[300,50],”fluid”],”sizeMapping”:[{“viewport”:[500,0],”slot”:[]}]},”page-impression”:{“slotSize”:[1,2],”targeting”:{“position”:”page_impression”,”placement”:”page_impression”,”refresh”:”no”}},”native”:{“slotSize”:[“fluid”]},”__typename”:”AdsSettings”,”afterContentDesktopAds”:true,”afterContentMobileAds”:true,”afterNavigationDesktopAds”:true,”afterNavigationMobileAds”:false,”beforeInlineSubsDesktopAds”:500,”beforeInlineNewsletterDesktopAds”:500,”beforeInlineSubsMobileAds”:500,”beforeInlineNewsletterMobileAds”:500,”beforeDigitekaDesktopAds”:100,”beforeDigitekaMobileAds”:300,”lineItemBlacklist”:[“5278716412″,”5283308611″,”5339604929″,”5388872120″,”5278716415″,”5283308872″,”5321027692″,”5321405462″,”5321405990″,”5279548239″,”5387835597″,”5388899477″,”5354253292″,”5354253289″,”5338372734″,”5338373664″,”5339163517″,”5339531420″,”5341548945″,”5341553172″,”5349585488″,”5349514796″,”5349450674″,”5349331124″,”5349245998″,”5349220753″,”5349140371″,”5349109333″,”5348403084″,”5348361567″,”5348173125″,”5278699150″,”5283308617″,”5283308875″,”5346420470″,”5346406970″,”5346158632″,”5345320518″,”5334741572″,”5344130585″,”5342979324″,”5344130588″,”5292373140″,”5292373119″,”5308891421″,”5330449575″,”5333639979″,”5333638248″,”5383070078″,”5383069622″,”5391702876″,”5391703383″,”5482450318″,”5519627453″,”5519506015″,”5501295062″,”5543078562″,”5543680231″,”5520265671″,”5570244691″,”5502112281″,”5574725411″,”5574725279″,”5574725405″,”5573460606″,”5573460621″,”5573460600″,”5587671982″,”5587671985″,”5587671991″,”5570325039″,”5573483907″,”5571442684″,”5587925243″,”5493194114″,”5604253329″,”5587925246″,”5587925252″,”5580637383″,”5601111485″,”5599580085″,”5588905382″,”5608006532″,”5587671973″,”5587671964″,”5505492445″,”5587672003″,”5588670928″,”5492866282″,”5588905367″,”5588671090″,”5588905376″,”5584426261″,”5573460615″,”5616634726″,”5566226139″,”5588671084″,”5626668373″,”5627736659″,”5627741687″,”5627318590″,”5627318779″,”5627318800″,”5587943663″,”5587941518″,”5587678453″,”5573467653″,”5504397480″,”5612366098″,”5588924801″,”5588924813″,”5588924834″,”5607694939″,”5612326501″,”5588924846″,”5587943684″,”5587943687″,”5612323852″,”5587943678″,”5628475880″,”5611201653″,”5587943669″,”5612369902″,”5588924774″,”5612758973″,”5587943642″,”5587943651″,”5631425184″,”5622925635″,”5639100420″,”5639100417″,”5640144220″,”5607694939″,”5662182159″,”5627767400″,”5627767388″,”5653333168″,”5627323102″,”5627323108″,”5653262390″,”5653262390″,”5627767391″,”5627323102″,”5646326877″,”5627767388″,”5647905545″,”5627323111″,”5653262390″,”5652553807″,”5651689850″,”5647905545″,”5520265671″,”5663415524″,”5627767400″,”5652553807″,”5659549619″,”5628475880″,”5646326877″,”5601111485″,”5656691668″,”5651689856″,”5599580085″,”5627767391″,”5651689841″,”5599580085″,”5651689841″,”5601111485″,”5627323108″,”5651689841″,”5627323111″,”5656691674″,”5656691032″,”5574738866″,”5622925635″,”5622925635″,”5567303176″,”5622925635″,”5622925635″,”5542051593″,”5671482197″,”5691718204″,”5715190736″,”5720033983″,”5719021801″,”5719018498″,”5719017580″,”5725264307″,”5726585934″,”5731681393″,”5730650877″,”5732697319″,”5732535337″,”5732369276″,”5730653214″,”5727260156″,”5725489623″,”5730775338″,”5721764151″,”5731817944″,”5721764151″,”5726433038″,”5726433038″,”5730775332″,”5727260159″,”5727260159″,”5724635640″,”5727260159″,”5726433038″,”5731817941″,”5724635640″,”5724635640″,”5742459595″,”5732697319″,”5750189011″,”5773643510″,”5773643438″,”5771824290″,”5771824290″,”5797810497″,”5799795738″,”5799795801″,”5798953368″,”5771824290″,”5798953365″,”5798227089″,”5799795786″,”5796320527″,”5794978494″,”5801098735″,”5725745892″,”5794978491″,”5784321817″,”5796320521″,”5801098714″,”5798953374″,”5725745892″,”5798227089″,”5771477945″,”5798953371″,”5798227089″,”5771477945″,”5771477945″,”5797810518″,”5721764151″,”5721764151″,”5784321817″,”5725575794″,”5721764151″,”5721764151″,”5823353915″,”5821506702″,”5821506705″,”5821506690″,”5821506678″,”5821804237″,”5841131253″,”5847881440″,”5846496468″,”5847881509″,”5852785678″],”listGalleryAds”:1,”minNumOfWordsAfterLastInlineAdDesktop”:180,”minNumOfWordsAfterLastInlineAdMobile”:150,”minNumOfWordsBeforeTeads”:100,”numberOfWordsBetweenInlineDesktopAds”:250,”numberOfWordsBetweenInlineMobileAds”:150,”numberOfWordsForFirstInjectionDesktop”:200,”numberOfWordsForFirstInjectionMobile”:50,”refreshBlacklist”:””,”refreshSiteWide”:true,”refreshTime”:20000,”galleryInlineDesktopAds”:1,”galleryListDesktopAds”:1,”galleryListMobileAds”:1,”galleryBlockDesktopAds”:1,”galleryBlockMobileAds”:2,”galleryItemDescriptionAds”:1},”adBreakPoints”:{“indexTemplate”:{“desktop”:{“first”:[10,22],”default”:[9,21]},”mobile”:{“first”:[3,10,16,22],”default”:[3,9,15,21]}},”default”:{“desktop”:{“first”:[9,21,33,45],”default”:[9,21,33,45]},”mobile”:{“first”:[4,10,16,22],”default”:[4,10,16,22]}}},”author”:{“name”:”The Kiplinger Washington Editors”,”image”:null},”images”:{“cloudinaryKey”:”mediacloud.kiplinger.com”,”resolutions”:[1],”mobileBreakpoint”:768,”cloudinaryTransforms”:{“hero-desktop”:[833,469],”hero-mobile”:[360,211],”card-desktop”:[407,229],”card-mobile”:[321,188],”content-desktop”:[301,169],”content-mobile”:[322,189],”author-desktop”:[104,104],”author-mobile”:[105,105],”content-image-full-desktop”:[1260],”content-image-full-mobile”:[375],”content-image-desktop”:[845],”content-image-mobile”:[376],”primary-image-desktop”:[833,469],”primary-image-mobile”:[375,211],”resource-image-desktop”:[845,475],”resource-image-mobile”:[376,211],”resource-card-desktop”:[407,229],”resource-card-mobile”:[321,188],”subscription-desktop”:[160,150],”subscription-mobile”:[161,151],”sponsor-desktop”:[100,100],”sponsor-mobile”:[101,101],”slideshow-image-desktop”:[833,469],”slideshow-image-mobile”:[336,189]}},”branding”:{“logo”:{“src”:”/public/logo.svg”,”height”:88,”width”:88,”url”:”https://www.dennis.co.uk/”,”alt”:”Dennis Publishing Ltd logo”,”title”:”Link to Dennis Publishing Ltd website”},”logoImage”:{“src”:”/public/logo-kiplinger.svg”,”height”:44,”width”:144,”alt”:”Kiplinger logo”,”title”:”Kiplinger”},”logoImageWhite”:{“src”:”/public/logo-kiplinger-white.svg”,”height”:55,”width”:180,”alt”:””},”logoPng”:{“src”:”/public/logo-kiplinger.png”,”height”:55,”width”:180,”alt”:”Kiplinger logo”}},”header”:{“navigation”:[],”tertiaryNavigation”:[{“title”:”Store”,”url”:”https://store.kiplinger.com/index.html”,”link”:{“screenReaderText”:”Link to Store”}}],”newsletter”:{“title”:”Get our Free E-newsletters”,”url”:”https://my.kiplinger.com/email”,”link”:{“screenReaderText”:”Link to E-newsletters”}}},”headerBidding”:{“id”:”185497-93858251953359″},”permutiveDatalayerMapping”:{“publisher”:{“name”:”siteName”},”content”:{“headline”:”headline”,”description”:”description”,”type”:”articleType”,”article”:{“type”:”category”,”category”:”Cars”,”authors”:[“author”]},”review”:{“rating”:”rating”},”product”:{“make”:”make”,”name”:”productFamily”,”type”:”product”,”price”:”price”}}},”breakpoints”:{“desktop”:[{“min”:1024,”max”:9999}],”mobile”:[{“min”:0,”max”:1023}],”maxwidth500px”:”(max-width: 500px)”,”minwidth501px”:”(min-width: 501px)”,”minwidth768px”:”(min-width: 768px)”,”minwidth1024px”:”(min-width: 1024px)”,”minwidth1260px”:”(min-width: 1260px)”,”minwidth1420px”:”(min-width: 1420px)”,”minwidth1660px”:”(min-width: 1660px)”},”indexExchangeAMP”:{“300×250″:”757603″,”320×480″:”757604″,”320×100″:”757605″},”rating”:{“iconPath”:”M8.902.587l2.162 5.118 5.536.476c.384.033.54.512.249.764l-4.2 3.638 1.259 5.412a.436.436 0 0 1-.65.472L8.5 13.598l-4.757 2.87a.436.436 0 0 1-.65-.473l1.258-5.412-4.2-3.639A.436.436 0 0 1 .4 6.18l5.536-.476L8.098.587a.436.436 0 0 1 .804 0z”,”iconViewBox”:”0 0 17 17″},”social”:{“follow”:{“platforms”:[{“label”:”Follow us on Instagram”,”showLabel”:false,”url”:”https://www.instagram.com/kiplingerfinance”,”platform”:”instagram”},{“label”:”Follow us on Facebook”,”showLabel”:false,”url”:”https://www.facebook.com/KiplingerPersonalFinance”,”platform”:”facebook”},{“label”:”Follow us on Twitter”,”showLabel”:false,”url”:”https://twitter.com/kiplinger”,”platform”:”twitter”},{“label”:”Connect on LinkedIn”,”showLabel”:false,”url”:”http://www.linkedin.com/company/46846?trk=tyah”,”platform”:”linkedin”},{“label”:”Connect on YouTube”,”showLabel”:false,”url”:”https://www.youtube.com/user/kiplinger”,”platform”:”youtube”}]}},”globalSettings”:{“siteTitle”:”Kiplinger”,”siteDescription”:”Personal Finance News, Investing Advice, Business Forecasts”,”siteLogo”:”https://www.kiplinger.com/public/logo-kiplinger.svg”,”twitterHandle”:”@Kiplinger”,”twitterSiteId”:”22042454″,”googleAnalytics”:{“__typename”:”GoogleAnalyticsConfig”,”id”:”UA-4337061-4″,”linkerDomains”:[“w1.buysub.com”,”www.kiplinger.com”,”my.kiplinger.com”,”store.kiplinger.com”,”service.kiplinger.com”,”personalfinance.kiplinger.com”]},”googleOptimize”:null,”googleTagManager”:{“__typename”:”GoogleTagManagerConfig”,”id”:”GTM-N6ZBDCL”},”sourcepoint”:{“privacyManagerIdAmp”:173520,”propertyIdAmp”:10325,”propertyHrefAmp”:”https://amp.kiplinger.com”,”ccpaConfig”:{“siteId”:6184,”privacyManagerId”:514507},”ccpaPrivacyManagerIdAmp”:”5dfcffd9ba7c9b15e3051d39″,”ccpaPropertyIdAmp”:13657,”ccpaSiteHrefAmp”:”https://ccpa.amp.kiplinger.com”,”version”:”v2″,”__typename”:”SourcePointConfig”,”accountId”:145,”ccpa”:true,”mmsDomain”:”https://kip-mms.kiplinger.com”,”privacyManagerId”:178954,”propertyHref”:”https://kiplinger.com”,”propertyId”:6184},”quantcast”:{“publisherSiteName”:”www.kiplinger.com”},”permutive”:{“version”:”v2″,”__typename”:”PermutiveConfig”,”projectId”:”5642074a-7820-46d3-a3d9-f26f3cc6e800″,”publicApiKey”:”f883c4a3-5ce8-43bd-8331-0f46066c8644″,”namespace”:”Dennis”},”teadsAnalytics”:{“enabled”:true,”id”:”PUB_22890″},”headerBidding”:{“enabled”:true,”indexWrapperId”:”185497-109331370931369″,”amazonHeaderBiddingEnabled”:true,”amazonPubId”:3032,”__typename”:”HeaderBiddingConfig”},”ias”:{“enabled”:true},”productData”:[],”headerPromoBox”:{“title”:”Save up to 67%”,”titleSize”:3,”imageUrl”:”/public/picture-subscription.png”,”imageAlt”:”Subscribe to Kiplinger”,”excerpt”:”Subscribe”,”ctaLabel”:””,”ctaUrl”:”https://personalfinance.kiplinger.com/pcd/Order?iKey=I**W04″,”link”:{“screenReaderText”:”Subscribe to Kiplinger”}},”promoBoxSettings”:{“link”:{“screenReaderText”:”Subscribe”},”__typename”:”PromoBoxSettings”,”title”:”Subscribe to Kiplinger’s Personal Finance”,”text”:”Be a smarter, better informed investor.”,”excerpt”:”Be a smarter, better informed investor.”,”ctaLabel”:”Save up to 76%”,”ctaUrl”:”https://w1.buysub.com/servlet/OrdersGateway?cds_mag_code=KPP&cds_page_id=260073″,”image”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–Wpvr__qT–/v1609848959/coverimages/Kip_Covers_3%20_201.png”,”width”:201,”height”:201,”alt”:null}},”instana”:{“apiKey”:”LjXhW08uSiak_pKdtPNxGg”,”reportingUrl”:”https://eum-eu-west-1.instana.io”,”__typename”:”InstanaConfig”},”copyright”:”Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site www.futurenet.com\r\n© Future US LLC, 10th floor, 1100 13th Street NW, Washington, DC 20005. All rights reserved.”,”converterPublisherId”:”172″,”adSettings”:{“disableCoreWebAdRefresh”:true,”__typename”:”AdsSettings”,”afterContentDesktopAds”:true,”afterContentMobileAds”:true,”afterNavigationDesktopAds”:true,”afterNavigationMobileAds”:false,”beforeInlineSubsDesktopAds”:500,”beforeInlineNewsletterDesktopAds”:500,”beforeInlineSubsMobileAds”:500,”beforeInlineNewsletterMobileAds”:500,”beforeDigitekaDesktopAds”:100,”beforeDigitekaMobileAds”:300,”lineItemBlacklist”:[“5278716412″,”5283308611″,”5339604929″,”5388872120″,”5278716415″,”5283308872″,”5321027692″,”5321405462″,”5321405990″,”5279548239″,”5387835597″,”5388899477″,”5354253292″,”5354253289″,”5338372734″,”5338373664″,”5339163517″,”5339531420″,”5341548945″,”5341553172″,”5349585488″,”5349514796″,”5349450674″,”5349331124″,”5349245998″,”5349220753″,”5349140371″,”5349109333″,”5348403084″,”5348361567″,”5348173125″,”5278699150″,”5283308617″,”5283308875″,”5346420470″,”5346406970″,”5346158632″,”5345320518″,”5334741572″,”5344130585″,”5342979324″,”5344130588″,”5292373140″,”5292373119″,”5308891421″,”5330449575″,”5333639979″,”5333638248″,”5383070078″,”5383069622″,”5391702876″,”5391703383″,”5482450318″,”5519627453″,”5519506015″,”5501295062″,”5543078562″,”5543680231″,”5520265671″,”5570244691″,”5502112281″,”5574725411″,”5574725279″,”5574725405″,”5573460606″,”5573460621″,”5573460600″,”5587671982″,”5587671985″,”5587671991″,”5570325039″,”5573483907″,”5571442684″,”5587925243″,”5493194114″,”5604253329″,”5587925246″,”5587925252″,”5580637383″,”5601111485″,”5599580085″,”5588905382″,”5608006532″,”5587671973″,”5587671964″,”5505492445″,”5587672003″,”5588670928″,”5492866282″,”5588905367″,”5588671090″,”5588905376″,”5584426261″,”5573460615″,”5616634726″,”5566226139″,”5588671084″,”5626668373″,”5627736659″,”5627741687″,”5627318590″,”5627318779″,”5627318800″,”5587943663″,”5587941518″,”5587678453″,”5573467653″,”5504397480″,”5612366098″,”5588924801″,”5588924813″,”5588924834″,”5607694939″,”5612326501″,”5588924846″,”5587943684″,”5587943687″,”5612323852″,”5587943678″,”5628475880″,”5611201653″,”5587943669″,”5612369902″,”5588924774″,”5612758973″,”5587943642″,”5587943651″,”5631425184″,”5622925635″,”5639100420″,”5639100417″,”5640144220″,”5607694939″,”5662182159″,”5627767400″,”5627767388″,”5653333168″,”5627323102″,”5627323108″,”5653262390″,”5653262390″,”5627767391″,”5627323102″,”5646326877″,”5627767388″,”5647905545″,”5627323111″,”5653262390″,”5652553807″,”5651689850″,”5647905545″,”5520265671″,”5663415524″,”5627767400″,”5652553807″,”5659549619″,”5628475880″,”5646326877″,”5601111485″,”5656691668″,”5651689856″,”5599580085″,”5627767391″,”5651689841″,”5599580085″,”5651689841″,”5601111485″,”5627323108″,”5651689841″,”5627323111″,”5656691674″,”5656691032″,”5574738866″,”5622925635″,”5622925635″,”5567303176″,”5622925635″,”5622925635″,”5542051593″,”5671482197″,”5691718204″,”5715190736″,”5720033983″,”5719021801″,”5719018498″,”5719017580″,”5725264307″,”5726585934″,”5731681393″,”5730650877″,”5732697319″,”5732535337″,”5732369276″,”5730653214″,”5727260156″,”5725489623″,”5730775338″,”5721764151″,”5731817944″,”5721764151″,”5726433038″,”5726433038″,”5730775332″,”5727260159″,”5727260159″,”5724635640″,”5727260159″,”5726433038″,”5731817941″,”5724635640″,”5724635640″,”5742459595″,”5732697319″,”5750189011″,”5773643510″,”5773643438″,”5771824290″,”5771824290″,”5797810497″,”5799795738″,”5799795801″,”5798953368″,”5771824290″,”5798953365″,”5798227089″,”5799795786″,”5796320527″,”5794978494″,”5801098735″,”5725745892″,”5794978491″,”5784321817″,”5796320521″,”5801098714″,”5798953374″,”5725745892″,”5798227089″,”5771477945″,”5798953371″,”5798227089″,”5771477945″,”5771477945″,”5797810518″,”5721764151″,”5721764151″,”5784321817″,”5725575794″,”5721764151″,”5721764151″,”5823353915″,”5821506702″,”5821506705″,”5821506690″,”5821506678″,”5821804237″,”5841131253″,”5847881440″,”5846496468″,”5847881509″,”5852785678″],”listGalleryAds”:1,”minNumOfWordsAfterLastInlineAdDesktop”:180,”minNumOfWordsAfterLastInlineAdMobile”:150,”minNumOfWordsBeforeTeads”:100,”numberOfWordsBetweenInlineDesktopAds”:250,”numberOfWordsBetweenInlineMobileAds”:150,”numberOfWordsForFirstInjectionDesktop”:200,”numberOfWordsForFirstInjectionMobile”:50,”refreshBlacklist”:””,”refreshSiteWide”:true,”refreshTime”:20000,”galleryInlineDesktopAds”:1,”galleryListDesktopAds”:1,”galleryListMobileAds”:1,”galleryBlockDesktopAds”:1,”galleryBlockMobileAds”:2,”galleryItemDescriptionAds”:1},”postsPerPage”:27,”disableBrowserRouter”:true,”__typename”:”GlobalSettings”,”googleTagManagerAmp”:{“__typename”:”GoogleTagManagerAmpConfig”,”id”:”GTM-KBX5J35″},”getMenu”:[{“__typename”:”Menu”,”id”:”389caef82c6fff2bd63107739a72f2d914e72421″,”type”:”footer”,”items”:[{“__typename”:”MenuItem”,”id”:”8345e254154b766412b684be19d4550770fff44d”,”title”:”Customer Service”,”type”:”footer”,”url”:””,”item”:{“__typename”:”Article”,”id”:”600858″,”url”:”/customer-service”},”children”:null},{“__typename”:”MenuItem”,”id”:”276ace3fd50bd614048dfad07f09b948fe3728c1″,”title”:”About Us”,”type”:”footer”,”url”:””,”item”:{“__typename”:”Article”,”id”:”600856″,”url”:”/about-us”},”children”:null},{“__typename”:”MenuItem”,”id”:”2de454a23c6767f4c260d03381c5fee4e2e71df0″,”title”:”Advertise With Us”,”type”:”footer”,”url”:”https://www.kiplinger.com/web_docs/media_kit/kiplinger_media_kit.pdf”,”item”:null,”children”:null},{“__typename”:”MenuItem”,”id”:”20e471e74d2c9e3d3e2014b9d353be2ce52207ad”,”title”:”Privacy Policy”,”type”:”footer”,”url”:”https://www.futureplc.com/privacy-policy/”,”item”:null,”children”:null},{“__typename”:”MenuItem”,”id”:”a7d174970872cc2f6924dc6968b2ab4ac141ab9a”,”title”:”Cookie Policy”,”type”:”footer”,”url”:”https://www.futureplc.com/cookies-policy/”,”item”:null,”children”:null},{“__typename”:”MenuItem”,”id”:”ba95f78305a4b3d6316babf911435f8d3e01b158″,”title”:”Kiplinger Careers”,”type”:”footer”,”url”:”https://www.futureplc.com/careers/”,”item”:null,”children”:null},{“__typename”:”MenuItem”,”id”:”5517e9a6f7516e81cea3b8f59621d9247bbcf321″,”title”:”Accessibility”,”type”:”footer”,”url”:”https://www.futureplc.com/accessibility-statement/”,”item”:null,”children”:null}]},{“__typename”:”Menu”,”id”:”17484144a224fc48552caf94d029e9a6df18d578″,”type”:”header”,”items”:[{“__typename”:”MenuItem”,”id”:”02fb15aef68a9c3dc8d47d2aab08dbd766dfcede”,”title”:”Home”,”type”:”header”,”url”:””,”item”:{“__typename”:”Article”,”id”:”2″,”url”:”/”},”children”:null},{“__typename”:”MenuItem”,”id”:”74f574da465184082c5f08ad146f19d27485e2aa”,”title”:”Investing”,”type”:”header”,”url”:””,”item”:{“__typename”:”TaxonomyIndex”,”id”:”20062_index_page”,”url”:”/investing”},”children”:null},{“__typename”:”MenuItem”,”id”:”cbcc2b61fe57d5a49da6e2fb673903d713aebcf9″,”title”:”Retirement”,”type”:”header”,”url”:””,”item”:{“__typename”:”TaxonomyIndex”,”id”:”20073_index_page”,”url”:”/retirement”},”children”:null},{“__typename”:”MenuItem”,”id”:”a0caaf3c909c0846cb3480125260c3eb8ef03617″,”title”:”Taxes”,”type”:”header”,”url”:””,”item”:{“__typename”:”TaxonomyIndex”,”id”:”20087_index_page”,”url”:”/taxes”},”children”:null},{“__typename”:”MenuItem”,”id”:”b037d06ad1101f8e3c55e4b333ac6ded724b14c9″,”title”:”Personal Finance”,”type”:”header”,”url”:””,”item”:{“__typename”:”TaxonomyIndex”,”id”:”20094_index_page”,”url”:”/personal-finance”},”children”:null},{“__typename”:”MenuItem”,”id”:”7598a1f5de1bbf0300796c414f4ff1d72fa69199″,”title”:”Your Business”,”type”:”header”,”url”:””,”item”:{“__typename”:”TaxonomyIndex”,”id”:”20093_index_page”,”url”:”/business”},”children”:null},{“__typename”:”MenuItem”,”id”:”770f288af46d26d859e59f5a7802299950a68eda”,”title”:”Wealth Creation”,”type”:”header”,”url”:””,”item”:{“__typename”:”TaxonomyIndex”,”id”:”20004_index_page”,”url”:”/building-wealth”},”children”:null},{“__typename”:”MenuItem”,”id”:”06bb3020cbc0f58117f906f2c0b854888d1e84a4″,”title”:”More”,”type”:”header”,”url”:””,”item”:null,”children”:[{“__typename”:”MenuItem”,”id”:”2039accb95e8b81d727aed317bd52e38bb15bc9a”,”title”:”Podcasts”,”type”:”header”,”url”:””,”item”:{“__typename”:”TaxonomyIndex”,”id”:”20022_index_page”,”url”:”/podcast”}},{“__typename”:”MenuItem”,”id”:”2817a87b73f91efd2f146b059af1047863824ff8″,”title”:”Economic Outlooks”,”type”:”header”,”url”:””,”item”:{“__typename”:”TaxonomyIndex”,”id”:”20524_index_page”,”url”:”/economic-forecasts”}},{“__typename”:”MenuItem”,”id”:”cfe0eee6e9b4f2223fb90221ef8b4066125f9da4″,”title”:”Tools”,”type”:”header”,”url”:””,”item”:{“__typename”:”TaxonomyIndex”,”id”:”20813_index_page”,”url”:”/tools”}}]},{“__typename”:”MenuItem”,”id”:”bc302239c3ea088c343a9e563b8c4f0de219ddca”,”title”:”My Kiplinger”,”type”:”header”,”url”:””,”item”:null,”children”:[{“__typename”:”MenuItem”,”id”:”e3179d1e9163471fc8321206ac4308b62abe3b76″,”title”:”Kiplinger’s Personal Finance Magazine”,”type”:”header”,”url”:”https://my.kiplinger.com/members/kip”,”item”:null},{“__typename”:”MenuItem”,”id”:”ffe88c0fc1659baf48448d3863ea2cd84ffac312″,”title”:”The Kiplinger Letter”,”type”:”header”,”url”:”https://my.kiplinger.com/members/kwl”,”item”:null},{“__typename”:”MenuItem”,”id”:”00cdd5af5ac2a93b49ccb5f25dcc4506a6ef0440″,”title”:”The Kiplinger Tax Letter”,”type”:”header”,”url”:”https://my.kiplinger.com/members/ktl”,”item”:null},{“__typename”:”MenuItem”,”id”:”a5e80ae368950bfe652959da75e7aa5c7dff72ee”,”title”:”Kiplinger’s Investing for Income”,”type”:”header”,”url”:”https://my.kiplinger.com/members/kii”,”item”:null},{“__typename”:”MenuItem”,”id”:”efd6884a5df615746e7d5459973e3bff8fa8a09a”,”title”:”Kiplinger’s Retirement Report”,”type”:”header”,”url”:”https://my.kiplinger.com/members/krr”,”item”:null},{“__typename”:”MenuItem”,”id”:”b6364b3a202d4941734debcc1697480d33731ea3″,”title”:”Store”,”type”:”header”,”url”:”https://store.kiplinger.com/index.html”,”item”:null},{“__typename”:”MenuItem”,”id”:”002413402f545cfad34f9f5c7949bfae2e5144b6″,”title”:”Manage My E-Newsletters”,”type”:”header”,”url”:”https://my.kiplinger.com/email”,”item”:null},{“__typename”:”MenuItem”,”id”:”760caae6d0d2d26db1894f031466bcc441268e90″,”title”:”My Subscriptions”,”type”:”header”,”url”:”https://my.kiplinger.com/login/profile.php”,”item”:null}]}]}],”preconnectList”:[“https://fonts.gstatic.com”,”https://polyfill.io”,”https://connect.facebook.net”,”https://stats.g.doubleclick.net”,”https://cdn.permutive.com”,”https://eum.instana.io”,”https://www.google-analytics.com”,”https://fonts.googleapis.com”,”https://g314.kiplinger.com”,”https://mediacloud.kiplinger.com”],”newsletterLink”:”https://my.kiplinger.com/email”,”gptTracking”:false,”blueconicScriptUrl”:”https://g314.kiplinger.com/script.js”,”disableCoreWebAdRefresh”:true},”dateFormat”:”MMMM D, YYYY”,”newsletter”:{“newsletterURL”:”https://my.kiplinger.com/email”,”mainTitle”:””,”title”:”Sign Up for Kiplinger’s Free E-Newsletters”,”subtitle”:”Profit and prosper with the best of Kiplinger’s advice on investing, taxes, retirement, personal finance and much more – straight to your e-mail.”,”ctaLabel”:”Sign up”,”placeholder”:”Your email address”,”extraClassNames”:{“-light”:true,”modalOpen”:false},”showLink”:true},”dianomi”:{“articleContextId”:”162″,”ampContextId”:”6344″,”ampGalleryContextId”:”6248″,”galleryContextId”:”163″,”mobileGalleryContextId”:”227″,”dianomiAmpGalleryContextId”:”163″,”dianomiGalleryContextId”:”6248″},”useBordeauxScript”:{“pageIds”:[],”useBordeauxOnly”:true},”protocol”:”https”,”host”:”www.kiplinger.com”,”siteUrl”:”https://www.kiplinger.com”,”hasError”:false,”prod”:true}”,”getPageByUrl({“url”:”retirement/annuities/604254/annuity-payments-dont-make-your-retirement-they-make-it-better”})”:{“__typename”:”RequestResponse”,”page”:{“__ref”:”Article:604254″},”pagination”:{“__typename”:”Pagination”,”currentPage”:1,”totalPages”:0}}},”WhitepaperResource:602288″:{“id”:”602288″,”__typename”:”WhitepaperResource”,”title”:”Your Guide to Roth Conversions”,”altTitle”:null,”subtitle”:”A Kiplinger Special Report”,”url”:”/taxes/602288/your-guide-to-roth-conversions”,”contentType”:”WHITEPAPER”,”teaserLabel”:”Tax Breaks”,”cta”:”Get the free report”,”teaserImage”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–Gm3YGczO–/v1614121225/roth-ira-vs-regular-ira.png”,”width”:1690,”height”:950},”updated”:”2021-02-25T13:22:49-05:00″},”Gallery:603617″:{“id”:”603617″,”__typename”:”Gallery”,”title”:”7 Best ETFs for Rising Interest Rates”,”altTitle”:null,”subtitle”:”Investors have plenty of tools to combat higher bond yields as the Fed gets aggressive. Here are seven of the best ETFs to head off interest-rate risk.”,”url”:”/investing/etfs/603617/best-etfs-for-rising-interest-rates”,”contentType”:”GALLERY”,”teaserLabel”:”ETFs”,”cta”:null,”teaserImage”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–kU6bqIYj–/v1634748504/Investing/best-etfs-rising-rates-2021.jpg”,”width”:3200,”height”:1800},”updated”:”2022-02-10T12:28:00-05:00″},”Article:604183″:{“id”:”604183″,”__typename”:”Article”,”title”:”Should You Own Your Home in Your Trust?”,”altTitle”:null,”subtitle”:”Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.”,”url”:”/retirement/estate-planning/604183/should-you-own-your-home-in-your-trust”,”contentType”:”ARTICLE”,”teaserLabel”:”estate planning”,”cta”:null,”teaserImage”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–Y355uS2U–/v1631123390/HouseSize.jpg”,”width”:3200,”height”:1800},”updated”:”2022-02-08T04:42:06-05:00″,”isSponsored”:false,”sponsor”:null},”Gallery:602983″:{“id”:”602983″,”__typename”:”Gallery”,”title”:”5 Best Mutual Funds to Fight Inflation”,”altTitle”:”5 Best Mutual Funds to Fight Inflation”,”subtitle”:”These five mutual funds cover a wide variety of asset classes, but they share a similar trait: They’re effective hedges against inflation.”,”url”:”/investing/mutual-funds/602983/5-best-mutual-funds-to-fight-inflation”,”contentType”:”GALLERY”,”teaserLabel”:”mutual funds”,”cta”:null,”teaserImage”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–TYTTIAgM–/v1624041687/Investing/best-mutual-funds-inflation-2021.jpg”,”width”:3200,”height”:1800},”updated”:”2022-02-10T14:01:00-05:00″},”Article:604245″:{“id”:”604245″,”__typename”:”Article”,”title”:”Leveraging the Tax Code to Minimize Your Tax Liabilities”,”altTitle”:null,”subtitle”:”While you gear up to calculate your tax bill for 2021, consider these three strategies to potentially reduce your taxes going forward.”,”url”:”/taxes/tax-planning/604245/leveraging-the-tax-code-to-minimize-your-tax-liabilities”,”contentType”:”ARTICLE”,”teaserLabel”:”tax planning”,”cta”:null,”teaserImage”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–Vy49M2Ix–/v1645535245/ManWithGlasses.jpg”,”width”:3200,”height”:1800},”updated”:”2022-02-24T04:30:04-05:00″,”isSponsored”:false,”sponsor”:null},”Article:604243″:{“id”:”604243″,”__typename”:”Article”,”title”:”Buying a Horse? Do NOT Make These 6 Mistakes”,”altTitle”:null,”subtitle”:”You’ve thought through the costs of ownership, the time commitment and the logistics involved in owning a horse, and you’re ready to buy. Before you pony up, prepare to make a smart transaction.”,”url”:”/personal-finance/604243/buying-a-horse-do-not-make-these-6-mistakes”,”contentType”:”ARTICLE”,”teaserLabel”:”personal finance”,”cta”:null,”teaserImage”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–HgUGu6c2–/v1645481071/HorseKiss.jpg”,”width”:3200,”height”:1800},”updated”:”2022-02-23T04:30:04-05:00″,”isSponsored”:false,”sponsor”:null},”Article:604242″:{“id”:”604242″,”__typename”:”Article”,”title”:”Exes, Stepchildren and Your Will: A Cautionary Tale”,”altTitle”:null,”subtitle”:”Don’t be like Bob. After his divorce, he failed to update his estate plan, which listed his stepdaughter as a beneficiary.”,”url”:”/retirement/estate-planning/604242/exes-stepchildren-and-your-will-a-cautionary-tale”,”contentType”:”ARTICLE”,”teaserLabel”:”estate planning”,”cta”:null,”teaserImage”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–0kxk_iMh–/v1645480031/DivorceFamily22.jpg”,”width”:3200,”height”:1800},”updated”:”2022-02-22T04:30:04-05:00″,”isSponsored”:false,”sponsor”:null},”Article:604236″:{“id”:”604236″,”__typename”:”Article”,”title”:”Create Your Own ‘Retirement Symphony’”,”altTitle”:null,”subtitle”:”A successful retirement plan surprisingly has quite a bit in common with a symphony orchestra. Get your own plan in harmony with these three tips.”,”url”:”/retirement/604236/create-your-own-retirement-symphony”,”contentType”:”ARTICLE”,”teaserLabel”:”retirement”,”cta”:null,”teaserImage”:{“__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–EyiArRSt–/v1645189963/CelloPlayer.jpg”,”width”:3200,”height”:1800},”updated”:”2022-02-21T04:30:04-05:00″,”isSponsored”:false,”sponsor”:null},”Author:600585″:{“id”:”600585″,”__typename”:”Author”,”name”:”Jerry Golden, Investment Adviser Representative”,”url”:”/authors/jerry-golden-investment-adviser-representative”,”shortBio”:”u003cp>Jerry Golden is the founder and CEO of u003ca href=”http://jerrygoldenretirement.com/” target=”_blank”>Golden Retirement Advisors Inc.u003c/a> He specializes in helping consumers create retirement plans that provide income that cannot be outlived. Find out more at u003ca href=”https://www.go2income.com/” target=”_blank”>Go2income.comu003c/a>, where consumers can explore all types of income annuity options, anonymously and at no cost.u003c/p>”,”jobTitle”:”President”,”type”:”Contributor”,”disclaimer”:null,”generalLegalDisclaimer”:”This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the u003ca href=”https://adviserinfo.sec.gov/”>SECu003c/a> or with u003ca href=”https://brokercheck.finra.org//”>FINRAu003c/a>.”,”company”:”Golden Retirement Advisors Inc.”},”DataBlock:dae615a450915796ea5138306650dc56dc2e71ce”:{“id”:”dae615a450915796ea5138306650dc56dc2e71ce”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Why do annuity payments belong in a plan for retirement income?u003c/p>\n””,”wordCount”:11},”DataBlock:abe0181077360a1747619d3d2d34aaf0f5930797″:{“id”:”abe0181077360a1747619d3d2d34aaf0f5930797″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>There is a very simple answer: Retirees who have annuity payments u003ca href=\”https://www.kiplinger.com/retirement/annuities/601986/retirees-with-a-guaranteed-income-are-happier-live-longer\” target=\”_blank\”>feel more confidentu003c/a> about their long-term finances in retirement.u003c/p>\n””,”wordCount”:20},”DataBlock:928a5b03f8d1d521b259834336e575bed8785764″:{“id”:”928a5b03f8d1d521b259834336e575bed8785764″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>It seems obvious to someone like me, who is an actuary by training and spent most of my later career in the retirement business. That confidence comes because an annuity payment is similar to Social Security or a pension in one important respect: They all provide a lifetime of guaranteed income. u003c/p>\n””,”wordCount”:51},”DataBlock:7942b5209d5b0b97dc8d90b1bde1c09d063492b2″:{“id”:”7942b5209d5b0b97dc8d90b1bde1c09d063492b2″,”__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[{“url”:”/retirement/604089/the-4-phases-of-retirement”,”title”:”The 4 Phases of Retirement”,”label”:”The 4 Phases of Retirement”,”primaryMediaType”:”IMAGE”,”image”:{“id”:”49525″,”publicId”:”ConvertibleCouple”,”format”:”jpg”,”version”:1642684248,”url”:”http://mediacloud.kiplinger.com/image/private/s–ILX-3GxK–/v1642684248/ConvertibleCouple.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–ILX-3GxK–/v1642684248/ConvertibleCouple.jpg”,”width”:3200,”height”:1800,”size”:353106,”tags”:[“automotive design”,”automotive exterior”,”blond”,”boats and boating–equipment and supplies”,”brassiere”,”bumper”,”car”,”cloud”,”event”,”eyewear”,”family car”,”glasses”,”goggles”,”happy”,”hood”,”landscape”,”leisure”,”motor vehicle”,”muscle”,”personal luxury car”,”recreation”,”sky”,”smile”,”sunglasses”,”travel”,”vehicle”,”vehicle door”],”created”:”2022-01-20T13:10:48Z”,”credit”:”Getty Images”,”alt”:”A gray-haired couple enjoy a ride in a convertible with the top down.”,”src”:”https://mediacloud.kiplinger.com/image/private/s–ILX-3GxK–/v1642684248/ConvertibleCouple.jpg”,”fullDistributionRights”:true,”__typename”:”Image”},”summary”:”Retirement means more than no longer working 9 to 5. There are four phases of retirement, and you should be prepared for each one.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””}]”,”wordCount”:null},”DataBlock:ca663f257bba24a9aa9834b32c8949fd220fa6e6″:{“id”:”ca663f257bba24a9aa9834b32c8949fd220fa6e6″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Since annuity payments are guaranteed under contracts issued typically by highly rated insurance companies, in my view retirees or near-retirees with a reasonable life expectancy should at least consider them as an important source of retirement income. However, according to one survey, a relatively low percentage of retirees — fewer than 15% — make annuity payments part of their retirement income plans.u003c/p>\n””,”wordCount”:62},”DataBlock:dde1570fbf8d37e6b1082c60b4636253a5d9a758″:{“id”:”dde1570fbf8d37e6b1082c60b4636253a5d9a758″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>So, let’s discuss the objections and questions that consumers often have about annuity payments, the contracts that guarantee those payments, and the reasons annuity payments belong in a plan.u003c/p>\n””,”wordCount”:29},”DataBlock:80cf585e297886ca35c2b6f761d3955b9845bbaf”:{“id”:”80cf585e297886ca35c2b6f761d3955b9845bbaf”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:”{“text”:”Where the confusion comes in with annuities “,”size”:”2″}”,”wordCount”:null},”DataBlock:fea12be2f4cbacaca6472b54f9fa72b7a14de170″:{“id”:”fea12be2f4cbacaca6472b54f9fa72b7a14de170″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Today, the annuity landscape is quite competitive and often confusing to average investors. There are many types of annuities. They can be grouped in various ways:u003c/p>\n””,”wordCount”:26},”DataBlock:398ce740669f03023114a205f320c85e3f258d7c”:{“id”:”398ce740669f03023114a205f320c85e3f258d7c”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cul>u003cli>Accumulation or income.u003c/li>\nu003cli>Fixed, variable or indexed.u003c/li>\nu003cli>With or without downside protection.u003c/li>\nu003cli>Current or future annuitized income. u003c/li>\nu003c/ul>””,”wordCount”:17},”DataBlock:b41dc28215ca33844be0c0e61850cbff851046bc”:{“id”:”b41dc28215ca33844be0c0e61850cbff851046bc”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>I take some responsibility for changing the annuity landscape, having invented the first annuity that could be categorized as accumulation/variable/downside protection/future annuitized income.u003c/p>\n””,”wordCount”:23},”DataBlock:b66c4dd0dcdb750eb7047290166e4f9c7ec993b4″:{“id”:”b66c4dd0dcdb750eb7047290166e4f9c7ec993b4″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Unfortunately, contracts providing guaranteed annuity payments often get lumped together with other annuities, and that’s where the confusion creeps in. It’s just like with insurance: Car insurance is not the same as life insurance, health insurance or dental insurance. So, you should look at each annuity based on its stated purpose and not whether it shares a name with another product. One type of annuity might be just right for you, while others might not be a good fit.u003c/p>\n””,”wordCount”:79},”DataBlock:a06545222111aeea200024d644cb8cd320538a75″:{“id”:”a06545222111aeea200024d644cb8cd320538a75″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The rest of this article is about u003cstrong>annuity contractsu003c/strong> whose sole purpose is to provide lifetime annuity payments — starting now or at a date in the future you select. Let’s start with a few questions I’ve gotten from readers like you.u003c/p>\n””,”wordCount”:42},”DataBlock:b31d18358f1f0eae84239cb5673db351a33e7818″:{“id”:”b31d18358f1f0eae84239cb5673db351a33e7818″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:”{“text”:”Q: Do annuity payments increase with inflation?”,”size”:”2″}”,”wordCount”:null},”DataBlock:c0d74b66416311bac799be2e7f72187ac24e06a5″:{“id”:”c0d74b66416311bac799be2e7f72187ac24e06a5″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>u003cstrong>A: u003c/strong>In some contracts, annuity payments increase over time, but most do not. Those contracts that do provide payments that grow with inflation tend to have a starting annuity payment that is 20% to 30% lower than a contract with fixed, level payments. Inflation protection is not cheap.u003c/p>\n””,”wordCount”:48},”DataBlock:8dcf41f786bc7ff6b933f1d1f55f0bf146b0d104″:{“id”:”8dcf41f786bc7ff6b933f1d1f55f0bf146b0d104″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Of course, the question about purchasing power and inflation is timely with what’s going on in the U.S. and elsewhere. The Labor Department announced in early February that inflation hit a 40-year high, with consumer prices jumping 7.5% compared with last year. If you relied on annuity payments for u003cem>allu003c/em> your income, the value lost to inflation would be a major problem. But your retirement income plan shouldn’t look like that.u003c/p>\n””,”wordCount”:71},”DataBlock:3c38b6c072750b4da137aa0be24212418cc1d921″:{“id”:”3c38b6c072750b4da137aa0be24212418cc1d921″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>First, you have Social Security and possibly a pension, which u003ca href=\”https://www.kiplinger.com/article/retirement/t051-c000-s010-what-is-the-social-security-cola.html\”>grow with inflationu003c/a>. Second, when the income from these sources is not sufficient to cover inflation, you will want income from your savings to increase over time, and u003ca href=\”https://www.kiplinger.com/retirement/retirement-planning/604035/factoring-inflation-into-your-retirement-plan\”>you should plan accordinglyu003c/a>.  In creating that plan, you should consider annuity payments that start immediately, and a second set of annuity payments that start when you reach a certain age (or ages) in the future. The first can provide a foundation of lifetime income, and the second can be deployed in u003ca href=\”https://www.kiplinger.com/retirement/annuities/604235/laddering-fixed-rate-annuities-offers-rates-that-beat-bank-cds-plus\”>a laddered purchase of annuity paymentsu003c/a> to achieve growing income.  u003c/p>\n””,”wordCount”:102},”DataBlock:ce15efe0b8dc77cc051437fd67e3271d5b93c576″:{“id”:”ce15efe0b8dc77cc051437fd67e3271d5b93c576″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Here’s an illustration of a plan that provides increasing income over the years and that shows how annuity payments are deployed:u003c/p>\n””,”wordCount”:21},”DataBlock:ab2f9705ae71af3f4659ffbef07740a81a9a4ba1″:{“id”:”ab2f9705ae71af3f4659ffbef07740a81a9a4ba1″,”__typename”:”DataBlock”,”type”:”IMAGE”,”data”:”{“id”:”50023″,”publicId”:”Golden1-27-22A”,”format”:”jpg”,”version”:1645633383,”url”:”http://mediacloud.kiplinger.com/image/private/s–vEOlIz0x–/v1645633383/Golden1-27-22A.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–vEOlIz0x–/v1645633383/Golden1-27-22A.jpg”,”width”:3200,”height”:1505,”size”:357013,”tags”:[“diagram”,”font”,”parallel”,”plot”,”rectangle”,”slope”],”created”:”2022-02-23T16:23:03Z”,”credit”:”Courtesy of Jerry Golden”,”alt”:”Bar chart show how annuity payments form the foundation of an income plan. An $817,250 investment in laddered annuities pays out $1.5 million in annuity payments from age 70 through age 95.”,”src”:”https://mediacloud.kiplinger.com/image/private/s–vEOlIz0x–/v1645633383/Golden1-27-22A.jpg”,”fullDistributionRights”:true,”__typename”:”Image”,”layout”:”ONE”}”,”wordCount”:null},”DataBlock:f170401dd5448e7e9ff35cfa53927b056bd9de35″:{“id”:”f170401dd5448e7e9ff35cfa53927b056bd9de35″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:”{“text”:”Q: Can I cash in my future annuity payments if I need liquid funds?                                                              “,”size”:”2″}”,”wordCount”:null},”DataBlock:a0ccc0cc93082d337a68f0ac3be6d222f423a5d0″:{“id”:”a0ccc0cc93082d337a68f0ac3be6d222f423a5d0″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>u003cstrong>A: u003c/strong>The answer is no for most contracts — due to the actuarial approach annuities are founded upon.u003c/p>\n””,”wordCount”:18},”DataBlock:8a1ad3ad00cabf00ce893972e0b7091932e05f46″:{“id”:”8a1ad3ad00cabf00ce893972e0b7091932e05f46″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>The reason for no liquidity is that when you receive annuity payments, a portion of the higher payment is enabled by a survivor credit, which represents the benefit of pooling your longevity risk. Unlike life insurance, where the benefit is paid at your passing, under these annuity contracts the benefit is paid at your surviving. If you could cash in annuity payments during your lifetime, you’d undermine the pooling concept — and the lifetime income advantage.u003c/p>\n””,”wordCount”:76},”DataBlock:0e14787c90df4afb9a20177337ac898c2d659c41″:{“id”:”0e14787c90df4afb9a20177337ac898c2d659c41″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Our typical female retiree aged 70 who wants to increase the cash flow from her $500,000 in low-yielding savings could purchase annuity payments at an annual rate of around 6.75% today, or $33,750 per year. That’s the survivor credit benefit.  If she wanted to ensure her beneficiary a return of the balance of the annuity premium at her passing, the annuity payout rate would be around 6.00%, or $30,000 per year.u003c/p>\n””,”wordCount”:71},”DataBlock:5012b461ff36bfa704845f5244a1382d072bc062″:{“id”:”5012b461ff36bfa704845f5244a1382d072bc062″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp> How do you overcome the liquidity issue? Here are a few short answers:u003c/p>\n””,”wordCount”:13},”DataBlock:36c08dfae2d02e92a1e370c3f9b5d3ddec79d487″:{“id”:”36c08dfae2d02e92a1e370c3f9b5d3ddec79d487″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003col>u003cli>Understand that in drawing down from liquid savings early in retirement, you may be reducing your future income.u003c/li>\nu003cli>Invest only a portion of your savings in these annuity contracts, leaving the balance of your retirement savings in liquid, marketable securities.u003c/li>\nu003cli>For late-in-retirement liquidity needs, say, for medical or long-term care, use the higher annuity payments to purchase long-term care insurance, or let them accumulate in more liquid, marketable securities.u003c/li>\nu003c/ol>””,”wordCount”:69},”DataBlock:6a8e959274495bc960a4b5e9508ca4e713df32a5″:{“id”:”6a8e959274495bc960a4b5e9508ca4e713df32a5″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:”{“text”:”Q: What are the advantages of including annuity payments in a plan?”,”size”:”2″}”,”wordCount”:null},”DataBlock:d8962dff9c99fadb7711b3cd49836b6916fc2477″:{“id”:”d8962dff9c99fadb7711b3cd49836b6916fc2477″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>u003cstrong>A: u003c/strong>These annuity contracts are similar to the pension your parents had. Just like a pension, they provide a lifetime of u003ca href=\”https://www.kiplinger.com/retirement/annuities/602665/retirement-income-plan-better-than-a-pension\”>guaranteed incomeu003c/a>. When incorporated into a plan for retirement income, annuity payments address the most common fear of retirees: Will I outlive my savings?u003c/p>\n””,”wordCount”:46},”DataBlock:1e4d213c84b02ebb9f47cd35f968f4f4f05a0190″:{“id”:”1e4d213c84b02ebb9f47cd35f968f4f4f05a0190″,”__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[{“url”:”/retirement/retirement-planning/604035/factoring-inflation-into-your-retirement-plan”,”title”:”Factoring Inflation Into Your Retirement Plan”,”label”:”Factoring Inflation Into Your Retirement Plan”,”primaryMediaType”:”IMAGE”,”image”:{“id”:”49386″,”publicId”:”RisingPrices”,”format”:”jpg”,”version”:1641573209,”url”:”http://mediacloud.kiplinger.com/image/private/s–aAN8zIVQ–/v1641573209/RisingPrices.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–aAN8zIVQ–/v1641573209/RisingPrices.jpg”,”width”:3200,”height”:1800,”size”:354428,”tags”:[“font”,”green”,”landmark”,”line”,”pattern”,”product”,”signage”],”created”:”2022-01-07T16:33:29Z”,”credit”:”Getty Images”,”alt”:”Dollar signs float above arrows pointing up, on a background of a spreadsheet and coins.”,”src”:”https://mediacloud.kiplinger.com/image/private/s–aAN8zIVQ–/v1641573209/RisingPrices.jpg”,”fullDistributionRights”:true,”__typename”:”Image”},”summary”:”How much should you be worried about inflation’s impact on your retirement income plan? If you plan right, you shouldn’t have to worry at all.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””}]”,”wordCount”:null},”DataBlock:9671ca5f2502452142c99cbe74dc787fc4cfa656″:{“id”:”9671ca5f2502452142c99cbe74dc787fc4cfa656″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Recognizing the benefits of annuity payments, u003ca href=\”https://www.kiplinger.com/retirement/retirement-planning/602128/dont-have-a-pension-the-secure-act-could-help\”>recent revisions to federal lawu003c/a> governing qualified retirement plans, like 401(k)s and 403(b)s, made it easier for participants to convert part of their savings to these annuity contracts.u003c/p>\n””,”wordCount”:34},”DataBlock:87e3e23ebfbe52ce04e1b6318d2e4ff1ddb9650f”:{“id”:”87e3e23ebfbe52ce04e1b6318d2e4ff1ddb9650f”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Set out below are some of the other benefits of annuity payments.u003c/p>\n””,”wordCount”:12},”DataBlock:19e662d93117c57c9e77235477a622a91eeae8b4″:{“id”:”19e662d93117c57c9e77235477a622a91eeae8b4″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:”{“text”:”Annuity payments enable retirees to stay the course with their investments”,”size”:”4″}”,”wordCount”:null},”DataBlock:d3ecab30b3f886b1532456065852db25230c36d0″:{“id”:”d3ecab30b3f886b1532456065852db25230c36d0″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Annuity payments allow you to adjust parts of your retirement income plan without giving up on your goal to live comfortably for the rest of your life. In fact, they can be one of several steps you can take u003ca href=\”https://www.kiplinger.com/article/retirement/t037-c032-s014-how-to-fill-that-hole-in-your-retirement-income.html\”>to build a safer income planu003c/a>.u003c/p>\n””,”wordCount”:46},”DataBlock:4a97eda0b0ad285da3a0de3b4c1855fea1d4caa5″:{“id”:”4a97eda0b0ad285da3a0de3b4c1855fea1d4caa5″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>You should not put all of your savings into purchasing annuity payments. A good portion should remain in your portfolio of stocks and bonds, with a concentration in u003ca href=\”https://www.kiplinger.com/investing/etfs/603435/best-dividend-etfs-to-buy-for-a-diversified-portfolio\”>income- and dividend-producing ETFsu003c/a>.  In fact, retirees who are not receiving annuity payments will be very unlikely to invest a higher percentage of their equity portfolios in stocks that might generate more robust returns.u003c/p>\n””,”wordCount”:63},”DataBlock:91f0e73c86e9432b73b17a4b6837775e99d4cbf7″:{“id”:”91f0e73c86e9432b73b17a4b6837775e99d4cbf7″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>I write frequently about the value of staying the course during volatile economic times, which cause some people to abandon sound plans. In fact, statistics show that individual investors underperform the market by 1% to 3% per year on average because they jump out of the market during alarming plunges.  This is even more likely for retirees who have no annuity payments.  The protection of annuity payments increases your ability to work the market to your best advantage.u003c/p>\n””,”wordCount”:78},”DataBlock:130972884bac8654b7b7350754b58f2809d61fbf”:{“id”:”130972884bac8654b7b7350754b58f2809d61fbf”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Recognizing that your plan is built on several pillars of guaranteed lifetime income allows you to “stay the course” during a turbulent market.u003c/p>\n””,”wordCount”:23},”DataBlock:753a5e6c40c0f09699527b4f90b92dfd5eac1635″:{“id”:”753a5e6c40c0f09699527b4f90b92dfd5eac1635″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:”{“text”:”Annuity payments receive favorable tax treatment”,”size”:”4″}”,”wordCount”:null},”DataBlock:5eb5060a54fa228762db912cdba1045d7ec16ddc”:{“id”:”5eb5060a54fa228762db912cdba1045d7ec16ddc”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Tax legislation and regulation encourage the use of these annuity contracts by offering favorable tax treatment. I believe this treatment granted by the IRS over the years is to encourage retirees to be more self-reliant in their retirement plans.u003c/p>\n””,”wordCount”:39},”DataBlock:9b2b98a75522fa8022e8b692ddfbd319ad88a46f”:{“id”:”9b2b98a75522fa8022e8b692ddfbd319ad88a46f”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>As I u003ca href=\”https://www.kiplinger.com/article/retirement/t003-c032-s014-how-to-lower-your-retirement-tax-rate.html\”>have explained beforeu003c/a>, the IRS makes you pay taxes u003cstrong>u003cem>only onceu003c/em>u003c/strong> on money you earn. Here is how that translates into favorable tax treatment for annuity payments.u003c/p>\n””,”wordCount”:30},”DataBlock:374469c99f3ff56b38b4ff2790d789aa4c8ec6b0″:{“id”:”374469c99f3ff56b38b4ff2790d789aa4c8ec6b0″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003col>u003cli>A Single Premium Immediate Annuity (SPIA) delivers a portion of its payments tax-free when you purchase the annuity payments from savings that have already been taxed. Going back to our typical 70-year-old female retiree mentioned above, if she purchased an immediate annuity, she would see less than 4% of her annuity payments being taxable for the first 15 years.u003c/li>\nu003cli> A Deferred Income Annuity called a QLAC, when purchased with money from a rollover IRA or 401(k), reduces taxable required minimum distributions until QLAC annuity payments begin, usually at 80 or 85 years old.  A retiree with $500,000 in a rollover IRA could defer distributions on $125,000. (For 2022, QLACs are capped at 25% of the IRA balance or $135,000, whichever is less.)u003c/li>\nu003cli>Under IRS Section 1035 rules, you can make a tax-free exchange of an accumulation annuity with a gain to an annuity contract with annuity payments starting immediately or in the future. That means you could spread the tax on that gain over the lifetime of the annuity payments.u003c/li>\nu003c/ol>””,”wordCount”:170},”DataBlock:897adfe06338c3e09140f7aae73143a36da550b7″:{“id”:”897adfe06338c3e09140f7aae73143a36da550b7″,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:”{“text”:”More planning benefits from annuity payments “,”size”:”4″}”,”wordCount”:null},”DataBlock:fd65cf00fc14f6b52f9f9d4c49259661616f12e1″:{“id”:”fd65cf00fc14f6b52f9f9d4c49259661616f12e1″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>As we discussed, one convenient u003ca href=\”https://www.kiplinger.com/retirement/601821/how-to-turn-your-retirement-savings-into-retirement-income\”>benefitu003c/a> of annuity payments is that these guaranteed payments are deposited monthly into your savings or checking account while you are alive, and, if elected, while your spouse is alive. Your beneficiary can also receive a lump sum if you pass before the premium is paid out in annuity payments. Important secondary benefits of those monthly payments include the convenience of using that money to pay your recurring bills (independent of investment returns).u003c/p>\n””,”wordCount”:78},”DataBlock:8af6ace6f52640a8b05ba8c55b5de30bfe7416f3″:{“id”:”8af6ace6f52640a8b05ba8c55b5de30bfe7416f3″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Also, while annuity payments provide income, the resulting higher income can enable a u003ca href=\”https://www.kiplinger.com/retirement/retirement-planning/602146/income-planning-to-help-you-win-the-retirement-trifecta\”>more generous legacyu003c/a> for your heirs, and peace of mind that comes from knowing you won’t outlive your income.u003c/p>\n””,”wordCount”:32},”DataBlock:2767fff91957a1d6b1d76a67df4a66bad6d9befb”:{“id”:”2767fff91957a1d6b1d76a67df4a66bad6d9befb”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>u003cem>If you are ready to start building a Retirement Income Plan for your specific circumstances, visit Income Allocation Planning at u003c/em>u003ca href=\”https://lp.go2income.com/?ref=Kb51\” target=\”_blank\”>Go2Incomeu003c/a>u003cem>. We will ask a few easy questions so you can design a plan that meets your objectives. Whether I have fully convinced you about the value of annuity payments or not, why not research on your own. Click u003c/em>u003ca href=\”https://go2income.com/calculator2.html/?ref=Kba1\” target=\”_blank\”>annuity infou003c/a>u003cem> to compare your annuity payment and tax benefits with our investor’s results in the article.u003c/em>u003c/p>\n””,”wordCount”:77},”DataBlock:76ba640c373f7160169f76c4996fb0fbfdfb46cc”:{“id”:”76ba640c373f7160169f76c4996fb0fbfdfb46cc”,”__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[{“url”:”/personal-finance/insurance/health-insurance/health-savings-accounts/604023/the-ultimate-retirement”,”title”:”The Ultimate Retirement Savings Account? Surprise, It’s an HSA!”,”label”:”The Ultimate Retirement Savings Account? Surprise, It’s an HSA!”,”primaryMediaType”:”IMAGE”,”image”:{“id”:”45541″,”publicId”:”MoneyHandsBlue”,”format”:”jpg”,”version”:1618237767,”url”:”http://mediacloud.kiplinger.com/image/private/s–qvPTiIUM–/v1618237767/MoneyHandsBlue.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–qvPTiIUM–/v1618237767/MoneyHandsBlue.jpg”,”width”:3200,”height”:1800,”size”:352124,”tags”:[“azure”,”banknote”,”card game”,”cash”,”currency”,”dollar”,”electric blue”,”finger”,”font”,”gesture”,”hand”,”money”,”money handling”,”nail”,”pattern”,”recreation”,”saving”,”textile”,”thumb”,”wood”,”wrist”],”created”:”2021-04-12T14:29:27Z”,”credit”:”Getty Images”,”alt”:”Hands hold a handful of money.”,”src”:”https://mediacloud.kiplinger.com/image/private/s–qvPTiIUM–/v1618237767/MoneyHandsBlue.jpg”,”fullDistributionRights”:true,”__typename”:”Image”},”summary”:”Health savings accounts are the best deal out there for anyone saving not just for health expenses, but for retirement too. Here’s how to make their tax advantages work for you now and in the future.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””}]”,”wordCount”:null}};