Most people are aware that they can begin collecting their Social Security retirement payout at age 62, and, in doing so, they are informed that they will be collecting a reduced benefit. The hard truth is that the longer you wait to collect benefits, you will most likely collect a higher monthly benefit.
Think back to those early days in life when it seemed like everything in the candy aisle was free, if you begged your parents hard enough. Not a fleeting thought was given to the expenses of a vacation or the co-pay costs at the doctor. There is something beautifully unburdened in the way which children experience the world: recklessly present and innocently ambivalent.
It is no secret that annuities include certain costs that you wouldn't ordinarily encounter with other types of investment products. While critics try to showcase the cost difference of annuities by directly comparing them with other products, it is not a fair comparison as annuities can be considered in a class of their own.