When you want to let your money grow, whether you are looking to have something that grows slowly over time or you are looking for a new income that can help you out right now, you will need to look at all of the options and then consider the pros and cons of each one. What may work well for one person is not going to work well for everyone. But one option that you may want to consider is a fixed or a variable annuity. Both are a bit different, so let’s take a look at how they work.

Fixed annuities are a type of account that insurance companies are going to sell. They will deliver a guaranteed income for a set number of years for someone when they are in retirement. Setting up one now, while you are still renting and preparing for later, can help you have a good amount of money when you need it most. However, remember that these can be expensive and if you need to gain access to the money before it reaches maturity, you will have some huge fees to worry about.

Then there are the variable annuities. These are going to be similar to the variable annuities, but they will not offer the same guaranteed payments that you can get with the fixed one. These are basically a type of mutual fund that gets stuffed into an annuity. The payments that you are able to get in your retirement will depend on how well the mutual fund is going to do. While variable annuities are going to give you some more options when investing in mutual funds if you have maxed our retirement, they do cut down on the growth potential because they have a ton of fees.

Overall, it is better to choose some other type of investment to help you when it is time to invest. These annuities are not the best and they have a lot of fees that you have to worry about. You should work on your retirement accounts instead or some other investment to help you grow your income and ignore annuities.

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