Retiring can be a stressful time for many people. You have worked hard all your life to provide for yourself and your family and suddenly you don’t have to anymore. But do you have enough funds to support yourself now that you are not working? A single premium annuity can help you secure your income for retirement. Each insurance company is different but a single premium annuity can require one payment of at least $5,000. One of the greatest things about the annuity is the ability to defer your payout time. The longer you wait to receive payments, the longer your money will collect interest and increase in value.

If you don’t have a large amount of money that isn’t currently invested, there are other ways for you to come up with a single premium payment for an annuity. By selling your home or a piece of property, selling investments or mutual funds, receiving an inheritance or a life insurance settlement are all ways for you to have the funds to place in a single premium annuity fund.

If you are thinking about your retirement and want to ensure you have enough money to live off of throughout the remainder of your life, a single premium annuity could be the right investment for you. Your retirement fund is a huge responsibility and it is important for you to have all the facts and understand both the advantages and disadvantages of an annuity. Being financially secure for your future is important and you should fully research any investment you make before following through.