Annuities have pros and cons, so consult an expert

From orlando sentinel-- 

Q: As I approach retirement, I would like to know the pros and cons of annuities. – V.B., Altamonte Springs

A: In their simplest form, annuities can provide a guaranteed lifetime income and protect against certain longevity risk. Some of the pitfalls are that they can be complex, costly and unnecessary. It’s best to work with a Certified Financial Planner who has in-depth knowledge to help discern whether a particular annuity strategy is for you. If you do decide that an annuity makes sense for you, then work with a planner who can shop the market for you to find one that provides the most benefits, for a competitive cost with a top-rated company. -- David Blount

Q: I am currently 68 and just got off my husband’s health insurance. Can I apply for Medicare Part B without penalty? -- J.F., Orlando

A: Yes, you qualify for a Special Enrollment Period since you were covered under your husband’s health insurance when you became eligible for Medicare Part B. So there is no penalty for not signing up at 65. -- Tommy Lucas


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