In this episode of "FIN LYT" by EWA, Jamison Smith and Ben Ruttenberg delve into the world of annuities, demystifying their role in financial planning. Jamison and Ben explore what annuities are and when they make sense in a financial plan, offering insights into the benefits and drawbacks of these financial products.

The episode provides an overview of annuities, likening them to the opposite of life insurance. While life insurance protects against premature death, annuities protect against outliving your money by providing a steady income stream. Ben breaks down the two main types of annuities: fixed and variable. They examine fixed annuities, which offer guaranteed returns, and variable annuities, which are tied to market performance. The episode also covers specialized annuities like Single Premium Immediate Annuities (SPIAs) and Qualified Longevity Annuity Contracts (QLACs), offering real-life examples and practical advice on when these might be beneficial. Throughout the discussion, Jamison and Ben emphasize the importance of consulting with financial professionals to determine the best strategies for individual financial plans.

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