When Can You Begin to Take Social Security?

For many people, Social Security will make up an ample portion of their overall retirement income in the future. Even given all of the news regarding this program's financial issues, Social Security will likely still be here for many years.

Fixed indexed annuities, or FIAs, have grown in popularity over the past several years. This is due in part to these financial vehicles being able to provide ongoing retirement income in the future, as well as the opportunity to obtain increased interest growth over those of a regular fixed annuity. These product guarantees, of course, are backed by the financial strength and claims-paying ability of the issuing insurer. Fixed index annuity owners are also able to keep principal protected from market risk - even if the underlying index performs negatively. It should be noted, however, that any early withdrawals taken may result in loss of principal and credited interest due to surrender charges.

One of the primary features of an annuity is the stream of income that it can provide. Today, many people own annuities for the purpose of supplementing their other retirement income, such as funds from a pension and Social Security payments.

When purchasing various types of insurance coverage, you may also have the ability to add certain riders. A rider can be defined as an amendment to the insurance policy that will either expand or reduce the policy's benefits.