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Who Should Consider Buying an Annuity—and Who Shouldn’t

Fact checked by Vikki VelasquezEliot Wyatt / Investopedia Annuities can reduce market risk by providing guaranteed income, though some may not keep pace with inflation.Annuities offer another income stream to help fund your golden years and may reduce the risk of running out of retirement savings. However, it’s important to recognize that purchasing an annuity may be more expensive than other forms of retirement income.Here’s a look at the different types of annuities, who should and should not consider buying one, and common annuity pitfalls so you can decide if buying an annuity is right for you.Key TakeawaysAnnuities provide a guaranteed income stream, beneficial for future retirees seeking financial security later.Risk-averse or inexperienced investors may find annuities appealing due to their principal protection features.Annuities may not be suitable for investors seeking high growth or those with short-term financial goals.Understanding personal financial goals is crucial before deciding on an annuity.Understanding AnnuitiesAn annuity is a lifetime income plan. In exchange for paying premiums, individuals are guaranteed a fixed or variable income stream either immediately or in the future.Generally, there are two different ways to purchase annuities. One option is an immediate payment annuity, which is purchased with a lump-sum payment. As the name explains, purchasing this type of annuity means that the payments to you start immediately. Another option is a deferred payment annuity, which is funded through deposits over time and begins paying out at a specified future date.Both immediate payment and deferred payment annuities come in three different varieties: fixed, variable, and equity-indexed. Each kind comes with its own risks, fees, and level of certainty.Types of AnnuitiesFixed annuities come with a guaranteed rate of return that is fixed at the time of purchase. Upon purchase, you’ll be informed of the guaranteed income stream. This may be for a fixed period, such as 20 years, or an indefinite period, such as your lifetime. However, the risk involved is that the income you receive may become insufficient over time due to the effects of inflation.Variable annuities provide investment accounts called “sub-accounts,” which function similarly to mutual funds and allow you to take advantage of market growth. This type of annuity is popular since there’s a lower risk of your income stream being eroded by inflation compared with fixed-rate annuities. Your income stream may fluctuate depending on the market performance of the investments of your sub-accounts. It’s worth mentioning that variable annuities typically carry commission fees, sometimes more than 5%.Equity-indexed annuities are a form of fixed annuities with a portion tied to the stock market, which may help offset the risk of inflation. Insurance companies may credit you based on changes in a particular index, such as the S&P 500 Composite Stock Price Index. The insurer may use something called a “participation rate” to determine how much of your stock market gains they will keep to ultimately offset their risk. This is because they’re required to keep paying you even if the market tanks. The one key benefit of an equity-indexed annuity compared with a variable annuity is that there’s less downside risk to you.TipPopular financial companies like Fidelity Investments and Charles Schwab offer various annuity products for purchase.Qualified vs. Non-Qualified AnnuitiesFurther, annuities can be funded either with pre-tax or after-tax money. You can purchase a qualified annuity with pre-tax money. In this case, you will pay taxes on both the principal and earnings upon withdrawal.Alternatively, you can purchase a non-qualified annuity with after-tax money. Here, you will pay taxes only upon earnings when you withdraw from the annuity. Who Should Consider Buying an Annuity?Retirees Seeking Income SecurityOne of the primary reasons retirement planners may consider an annuity is for guaranteed monthly income. Especially with a fixed annuity, you’ll know exactly what your monthly income will be, so you can carefully plan your budget. This is a great option for anyone who feels they may not be able to manage their retirement portfolio effectively.Risk-Averse InvestorsIf you’re looking to protect your principal from inevitable market volatility over time and mitigate financial risk, purchasing an annuity is a smart idea. While some annuities may not keep up with inflation or may be subject to market swings, they don’t come with financial risk since you’re guaranteed an income stream for a determined period. Individuals With Longevity ConcernsIf you’re relatively healthy and have a family history of good longevity, purchasing an annuity might be a wise decision. Locking in an annuity early in retirement can provide a guaranteed income stream for life, even if you end up outliving your retirement savings.Who Should Avoid Buying an Annuity?Investors Seeking High GrowthIf you’re looking for high-growth investments, an annuity may not be your best option since it may limit your long-term financial growth. For example, a fixed annuity may lose real value due to inflation's effects on the buying power of your money, and a variable annuity may carry high commissions, which could eat into your potential gains.ImportantRead the fine print before purchasing an annuity. For example, some fixed annuities may have a minimum guaranteed interest rate of 0%. So, while you won't lose the principal, your money will not grow. Additionally, some annuities offer a higher guaranteed interest rate that only lasts for the first year, otherwise known as a “teaser rate.” After that, the interest rate may drop significantly. Those With Shorter Investment HorizonsIf you’re looking to invest your money to achieve a specific financial goal, such as retiring in a few years or making a big purchase like a new car, an annuity is probably not the right option. Annuities are designed to provide consistent income during retirement, not significant financial gains in the near term.Individuals Unwilling To Pay High Fees and TaxesYou need to be aware that annuities typically carry fees. A “mortality and expense" fee, for example, is typically 1.25% per year. Additionally, some annuities have rider fees depending on which options you choose. On top of that, if your heirs inherit your annuity, their tax liability will be based on the terms of the contract. How much of the distributions are taxable depends on how the annuity was funded. If you purchase a qualified annuity, you're using pre-tax dollars. When your beneficiaries receive distributions, the entirety of each payment will be taxed at ordinary income rates. Non-qualified annuities, on the other hand, are after-tax, and so your heirs will only be on the hook for taxes on earnings.NoteOther taxes and rules may apply, depending on how the annuity is structured. For example, if you hold a qualified annuity in an individual retirement account (IRA), your beneficiaries may be required to withdraw the entire amount within 10 years of your death. Making the Decision: Is an Annuity Right for You?Evaluate your needs when deciding whether an annuity is right for you. For example, if you don’t feel well-equipped to manage your retirement portfolio and you expect to live a long and healthy life, an annuity might be right for you. You’ll lock in a guaranteed monthly payment for a fixed period, or for the rest of your life, depending on the specific terms of your annuity.However, if you feel confident in managing your retirement portfolio, you have an adept financial advisor, and you prefer to take on more risk, there may be better options to grow your wealth in perpetuity.What Are the Potential Risks Associated With Annuities?Some potential risks associated with annuities include an erosion of purchasing power due to the effects of inflation (especially with fixed annuities) and the loss of capital due to commissions and fees. Additionally, you may miss out on significant financial growth opportunities if you sink your money into purchasing an annuity versus other types of investments.Can Annuities Be Inherited by Beneficiaries?Yes. Some annuities may be inherited by spouses, non-spouses, or non-person entities, including trusts or charities. Annuities may also allow you to set multiple beneficiaries.What Are the Tax Implications of Purchasing an Annuity?When you start collecting payments from your annuity, they’re generally subject to your ordinary income tax rate. If your heirs inherit your annuity, they may be subject to tax liability on the entire amount or solely the earnings from the investment, depending on the type of annuity you purchase.The Bottom LineAnnuities are a great option if you don’t feel well-equipped to manage your retirement portfolio and you want to ensure you’ll never run out of money in your golden years. Whether it’s a fixed annuity, variable annuity, or an equity-indexed annuity, do your homework to understand the fees you’ll owe and potential tax liability you and your heirs may incur. It’s important to recognize your long-term financial goals when considering whether or not to purchase an annuity. Consider seeking help from a financial advisor who can explain your annuity options and help guide your financial decisions.
Do You Need a Relationship Financial Exit Strategy? The Do's and Don'ts of an Emergency Breakup Fund

Peter Dazeley/Getty Images Financial secrecy can damage relationships, but emergency break-up funds might be needed to protect yourself.Many people have separate accounts for their kids' college education, a house down payment, or even a kitchen renovation they're dreaming of. But one type of savings is far less likely to come up on date night: the money many quietly set aside in case their relationship ends."Keeping such compartmentalization secret is a double-edged sword ... being found out likely creates (more) conflict," Johanna Peetz, Ph.D., a professor of psychology at Carleton University who studies relationships and financial behavior, told Investopedia. Still, she understands the quandary many partners face. "My intuition would be that if a breakup is considered a credible possibility, separating or compartmentalizing finances earlier rather than later is likely a good idea."So is having a secret stash a step too far? We take you through the pros and cons below.Key TakeawaysEmergency breakup funds aren't just for the commitment-phobic, since they can provide a lifeline for those in damaging relationships.That said, research shows that financial secrecy can corrode the type of trust that researchers have found is crucial to happy relationships.Why People Create Secret Breakup FundsWhile about half of Americans (45%) in a committed relationship consider "financial infidelity" (when couples with combined finances lie to each other about money) as morally wrong as sexual infidelity, almost the same percentage (40%) have committed it in their current relationship, according to a late 2024 survey. However, comprehensive data on American "breakup funds" is limited. Across the pond, a 2025 U.K. survey found that about half of British adults have secretly set aside money in case their relationship ends—and those in the U.K. feel “financially compatible" with their partners at about the same rate as those in the U.S. (89% vs. about 83% in a recent U.S. survey). The average size of a secret stash was £4,739 (about $6,400).The motivation that many might have makes an uncomfortable financial sense. One in four Americans has ended a relationship specifically over money problems, according to Experian. When you factor in the brutal math involved in modern breakups—especially for unmarried couples—and the money you might need to start over on your own, having secret savings starts looking less cynical than at first glance:ImportantFinancial concerns consistently rank as one of the top reasons for staying with or returning to an abusive partner, according to the National Network to End Domestic Violence.The stark legal reality: Cohabiting partners, America's fastest-growing family type, have few legal protections when relationships implode. Joint bank accounts can be drained overnight. Shared credit cards can be maxed out without warning. If only one name appears on a lease, mortgage, or car loan, the other person may face potential emergencies related to housing or simply getting to work, with little legal recourse.For abuse survivors, hidden funds can be life-saving: Financial abuse occurs in 99% of domestic violence cases, according to the National Network to End Domestic Violence (NNEDV). Abusers set out to destroy their victims' financial independence—forbidding work, controlling spending, sabotaging job opportunities, or withholding money for basic needs. In such situations, secret savings can provide the necessary resources when escape becomes essential.Experience teaches hard lessons: Tellingly, divorced Americans who've seen firsthand the wreckage of a breakup are three times more likely than married Americans to recommend keeping finances separate (25% vs. 8%), according to a 2025 Western & Southern survey.Signs You Might Need a Financial Exit StrategyWhile researchers have consistently found that couples who fully pool their finances communicate significantly better about money and other matters, sometimes having separate savings is necessary. Here are reasons you might consider protecting yourself with set-aside funds:Your partner engages in financial abuse or controlling behavior around money.Your partner is financially irresponsible in a way that threatens household stability.Situations where you've otherwise lost access to your own income or accounts.ProsFinancial security: Could provide immediate resources for housing, transportation, and basic needs if a relationship ends suddenly.Escape route: Critical resource in abusive relationships.Personal independence: Some may feel more confident having their own money "just in case."Not just for breakups: Can be used for standard emergencies (job loss, medical bills, etc.).ConsErodes trust: Many Americans believe financial secrets are as bad as sexual infidelity.Could create emotional distance: Partners may feel like you're not in this together should the savings be discovered.Escalation: Could lead to more secrecy and hidden spending.Missed opportunities: Money sitting separately could be invested jointly for shared goals like home ownership.The Bottom LineWhile financial experts universally recommend having an emergency fund, the situation becomes far trickier when it comes to saving specifically for when a relationship ends. Research shows that couples who communicate openly about money, including separate accounts, have stronger relationships than those who keep financial secrets.Still, there are compelling reasons many people create these funds—from protecting against financial abuse to preparing for the legal realities facing unmarried couples. But secrecy tends to feed on itself. "Any behavior practiced over time becomes a habit," Peetz warned.
Is Crypto Sketchy? Here’s What To Know Before You Invest

Fact checked by Suzanne KvilhaugAsiaVision / Getty Images Crypto investing comes with significant risks, including loss of value, scams, and wild swings in price.The meteoric rise of cryptocurrency in the public consciousness in the past two decades can hardly be overstated. Bitcoin’s launch in 2009 set the stage for the worldwide proliferation of digital tokens and coins. As of April 22, 2025, there are well over 14 million cryptocurrencies available around the world, with new coins launching daily. (Although some estimates suggest that at least half of all cryptocurrencies that are launched will eventually fail.) Combined, these tokens account for nearly $3 trillion in market value, enough to rival the biggest publicly traded companies on earth.Much of the initial hype surrounding the crypto space was based on speculation about the potential of the technology to upend traditional banking—as well as to make early investors very wealthy. But as time has passed, amid volatility in coin prices, the rise and fall of countless trendy tokens, and the threat of scams, investors may be wondering whether cryptocurrencies are indeed a financial revolution, or if they may be too risky for anything beyond speculative trading.In this article, we aim to clarify common concerns so investors can proceed more confidently.Key TakeawaysThe legal and regulatory status of cryptocurrencies is highly dependent upon jurisdiction, although regulation is nonexistent in some places.Investors in crypto face risks from the tax implications of the space, particularly if they move between or do business in areas with different sets of regulations.Other key risks to keep in mind include sometimes-extreme volatility of crypto prices and the ever-present risk of loss due to theft or hacking.Reputable exchanges like Coinbase and Binance may have more robust support and security structures in place compared with up-and-coming exchanges.Crypto Is Legal, But Regulations VaryDespite massive popularity and widespread adoption—more than a quarter of U.S. adults reportedly own cryptocurrency—the United States still lacks a clear regulatory framework for this technology as of 2025. The Financial Innovation and Technology for the 21st Century Act (or FIT21), a bill that would clarify the role of the Commodity Futures Trading Commission (CFTC) as the lead U.S. crypto regulatory authority, passed the House of Representatives in May 2024. However, the bill has not moved forward since that time.As a result, cryptocurrencies in the U.S. are subject to regulation by a number of different federal and state agencies, potentially leading to discrepancies from one area to another.In 2023, the European Union’s governing body, the European Council, approved the Markets in Crypto-Assets Regulation (MiCA), a world-first set of umbrella rules for the regulation of a number of different kinds of cryptocurrency assets across the EU. MiCA came into full force across the Union by 2024 and includes rules and a supervisory procedure for crypto-assets, crypto platforms, and related service providers. There are particular implications for the issuance of new cryptocurrency tokens.Though it is a major player in crypto development, mining, and trading, Asia is one of the least unified regulatory environments for this technology. China has effectively banned the use of cryptocurrencies with strict limitations on exchanges, mining, and more. On the opposite end of the spectrum, the Japanese government has more fully embraced cryptocurrency both as a form of legal property and as a type of money under the supervision of the country’s Financial Services Agency. In between are nations like India, which at one point had a ban on cryptocurrencies but has reversed course in recent years. India now faces the challenge of developing regulations for a new and enthusiastic market.In the U.S., government agencies like the U.S. Securities and Exchange Commission (SEC) oversight of the cryptocurrency space, or may take other actions to impact crypto projects. For example, the SEC has previously brought lawsuits against crypto exchanges alleged to have violated securities regulations. Meanwhile, the Federal Reserve Board has provided reports on central bank digital currencies and stablecoins, as well as their risks. These agencies may play an important role in combating or preventing scams and fraud, though many investors remain cautious.Crypto Tokens Are Property and Taxed As SuchPerhaps the single biggest concern for individual investors is tax reporting. Investors should be prepared to report all cryptocurrency sales, income, payments, and conversions to the Internal Revenue Service (IRS). Because cryptocurrencies are defined as property and not currencies, they may be subject to capital gains taxes. One of the most significant legal risks for crypto investors is improperly reporting taxes. WarningDue to the complex and shifting nature of crypto regulation, even investors attempting to follow the appropriate guidelines may find themselves failing to properly report.Should large-scale regulatory changes to cryptocurrency—such as the widespread banning of particular types of tokens—take effect, crypto investors may also run into legal issues. This may also be true for investors traveling from one jurisdiction to another. Just because cryptocurrency ownership, mining, trading, and so on are permissible in one area does not mean that the same regulations apply everywhere.Crypto Investments Aren't Guaranteed ReturnsOne of the primary reasons many investors see cryptocurrencies as a risky investment is their volatility. Despite their popularity, even the largest digital currencies can experience significant swings in price. As an example, Bitcoin—far and away the largest crypto by market value and typically a bellwether for a host of smaller tokens—reached as high as $106,136 per coin and as low as about $76,273 per coin between January 1 and April 22, 2025. Losing roughly a quarter of its total value in the span of a few weeks is not even the greatest example of historical volatility for Bitcoin, either.On the other hand, supporters of Bitcoin might point to the token’s longer-term performance—in the one-year period up to April 22, 2025, it climbed by more than 40%, massively outpacing the S&P 500.Another significant risk for investors is the loss of capital due to scams and theft. The risk of having your tokens stolen or hacked remains real—about $2.2 billion in crypto was stolen from exchanges in 2024 due to hacks, a sizable uptick year-over-year, and investors lost more than $10 billion in crypto due to thefts in 2024 alone. Fortunately, there are a host of ways to safeguard tokens as well.Beware of Scams and Unsecure ExchangesOne of the best ways to protect your crypto investments is by utilizing a trusted platform to facilitate your transactions. Investopedia’s list of best crypto exchanges and apps is a great place to start. When searching, consider both major players like Coinbase, Binance, or Kraken as well as less well-known decentralized exchanges.Finding a legitimate crypto exchange or platform is key. In this case, the reputation of a provider can go a long way—look for platforms with a strong reputation and a widespread user base. TipYou’ll also want to review any potential trading platform’s approach to regulation, the security features it includes to protect your tokens, and more before investing. When preparing to buy and sell crypto, do your due diligence. Review licenses for providers, fees, and documentation for developers. Any developer pushing an ICO should have ample material to offer you about the development of the project and its specific parameters, for instance. Most importantly of all, trust your gut. Watch out for “too-good-to-be-true” scams promising easy, outsized returns. Due to their decentralized, anonymous nature, cryptocurrencies have a tendency to entice fraudsters—stay vigilant to protect your investments.Where Is Crypto Illegal?A handful of countries have banned cryptocurrency, either all tokens as a general rule or specific coins like Bitcoin. These include China, Saudi Arabia, Pakistan, and Bolivia. Investors hoping to do business in these countries would do well to carefully control any cryptocurrency investments so as not to run afoul of the law.Do You Have To Report Crypto on Your Taxes?In many cases, yes. In the U.S., any tax filer who sold cryptocurrencies, received any as payment, or engaged in several other categories of crypto transactions should report these instances on their taxes. Consult with a tax professional specializing in crypto for additional information based on your jurisdiction.How Can You Protect Yourself Against Crypto Scams?One of the best protections against crypto scams is knowledge. Spend time learning about some of the common tactics scammers use, such as phishing, rug pulling, and fake ICOs. Learn to identify signs of potentially risky opportunities. Store your crypto in a hardware wallet or otherwise use physical measures to protect your account information.The Bottom LineCryptocurrency is big business in 2025, having gained critical popularity around the world and grown to include millions of tokens representing trillions of dollars worth of market value. Many optimistic investors see this stage of growth as merely a midway point toward a much larger crypto market; others expect already-massive prices of tokens like Bitcoin to struggle to gain much more ground. Of course, it’s impossible to know what the future of the market looks like.Many risks remain for investors in the crypto world as well. Besides the ever-shifting regulatory landscape, investors must also be prepared to navigate complex tax requirements. Failing to properly report crypto activity may lead to penalties. And billions of dollars worth of digital tokens are still lost each year due to scams, thefts, and hacks of exchanges.It is not clear yet whether cryptocurrency may still be a promising financial technology of the future or whether it is destined to be a haven for scammers and fraudsters who threaten to detract from the activities of legitimate investors. What is apparent is that there is the potential for investors to make money in the digital currency world and indeed to revolutionize business and other aspects of everyday life with the technology. However, concerns and risks remain, so vigilance is key.