Would you buy a car without sitting in it or even going for a test drive? Most people would not – and even those who purchase cars online and have them delivered to their house at least get a trial period to decide if they keep or return it! It is reasonable for you to want to ensure that a big purchase is right for you, which is why these systems exist.
In retirement, independent research can feel like you are already taking a test drive, but what you see working for others may not necessarily work for you. It is vital to understand that financial planning does not have a "one-size-fits-all" solution because many factors of your unique financial situation will impact the results of those strategies.
To get an idea of how an annuity factors into your retirement income plan, the Test Drive an Annuity Calculator can provide hypothetical scenarios to demonstrate the potential outcomes of different options available to you by considering your specific information in its calculations.
In this episode of Money Script Monday, Brian demonstrates how to calculate the potential income from an annuity while comparing it to other financial alternatives using the Test Drive an Annuity Calculator tool.
Resources Provided for This Episode
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Advisory Services offered through LifePro Asset Management, LLC. The information presented here is not specific to any individual's personal circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials.