We hope that you enjoy this week’s Weekly Market Review. Contained within are details behind last week’s record setting level reached by the Dow Jones Industrial Average. We all know how important oil is. Heck, many Wars have been battled over who owns and controls oil. The WMR details how the importance of OPEC is diminishing due to the United States major increase in production.
Notable Number two cites who has a pension and who doesn’t. My dad has a pension…chances are your mom or dad may have one too, but I do not have one and you probably don’t either. In fact, pensions have become rather rare and something many wish they did have. Did you know you can create your own pension? Pensions are simply a promised and guaranteed paycheck in retirement and are typically insured, backed, and guaranteed by and insurance company.
As an individual you can work directly in an insurance company to create a pension. They don’t call them pensions, but rather annuities, but an annuity is simply a stream or payments at regular intervals. Since annuities are backed and created by insurance companies there are many different kinds and many separate bells and whistles along with all sorts of cost structures. Because they are sponsored by insurance companies and can be complicated many are skeptics of annuities. As with any insurance, the buyer needs to fully understand the pros and cons of the contract. Our office can help you understand the landscape and determine if some sort of pension/annuity is something you should consider or not. Likewise, if you have an annuity or pension and are being required to make decisions regarding how it will be paid out, we can help you make an informed choice.
Have a good week.
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Trevor N. Coe, CFP®