Before now annuities might not have been popular in Australia, or in fact anywhere in the world where they are not compulsory.
With implementation of the retirement income covenant and introduction of comprehensive income products for retirement (CIPRs) looming, we unpack the characteristics and features of annuities that could make them an appropriate and attractive option for some clients.
- Define what annuities are
- Discuss the key features, benefits and risks of annuities
- Explain the taxation and social security treatment of annuities
- Analyse strategies for longevity risk management
- Compare annuities to alternative sources of post-retirement income.
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