Economy
From Uncertainty to Confidence: A Personal Journey with Annuities
In today’s ever-shifting financial landscape, we all seek stability and security in our investment portfolios. As we navigate the complexities of financial planning, annuities offer stability and a narrative of security and peace of mind.
Annuities, with their unique ability to provide a guaranteed stream of income over a set period or for life, give reassurance in an uncertain world.
They represent not just a financial instrument but a promise of stability, offering individuals the peace of mind that their financial future is safeguarded against the unpredictability of market fluctuations.
What is Annuity?
An annuity is an insurance contract issued and distributed by financial institutions with the intention of paying out invested funds in a fixed income stream in the future.
With the transformative power of annuities, investors can embark on a journey towards financial confidence, knowing that their life savings is shielded from the storms of economic volatility, and their dreams for retirement can be realized with certainty and peace of mind.
To help you understand fully, we’ll explore the transformative power of annuities through the lens of a personal story, shedding light on the real impact these financial instruments can have on one’s life.
Meet Sarah, a retiree whose vibrant career in the arts was a testament to her unwavering passion and dedication.
For decades, she immersed herself in a world of creativity, where each brush stroke and every note composed echoed the depths of her artistic soul. While Sarah revelled in the boundless opportunities for expression her profession afforded her, the fluctuating income streams inherent in the arts industry cast a shadow of uncertainty over her financial horizon.
As retirement beckoned with the promise of leisurely days and new found freedom, Sarah found herself confronting a dilemma that loomed larger with each passing day. The same artistic fervour that fuelled her career now collided with the practicalities of financial planning.
How could she ensure a stable income to sustain her through the golden years without sacrificing the essence of her creative spirit?
Caught in the cross-currents of passion and pragmatism, Sarah sought solace in the transformative power of annuities.
Section 1: A Surprising Discovery
Sarah stumbled upon annuities in a conversation with a financial advisor who works at Coronation Life Assurance. Intrigued by the promise of a consistent income stream, she decided to explore this financial tool further. Little did she know that this decision would redefine her retirement.
Section 2: Steady Streams in Uncharted Waters
Annuities gave her fixed payments-a sense of security, allowing her to weather market fluctuations without sacrificing her standard of living. The annuity transformed the unpredictable waves of retirement income into a steady stream, giving Sarah the confidence to explore new passions without financial worry.
Section 3: Customizing the Script
What sets annuities apart is flexibility. Sarah, like many others, discovered the freedom to tailor her annuity to fit her unique needs.
By opting for a lifetime income option with beneficiary benefits (valid if policyholder dies within 10 years) she not only secured her own future but also ensured that her loved ones would be financially supported in the event of her passing.
Section 4: Legacy of Stability
As Sarah continued her journey into retirement, the true impact of annuities unfolded. The financial stability provided by her annuity allowed her to leave a lasting legacy for her family. Her story became a testament to the transformative power of annuities, not just as a means of securing one’s own future but as a tool to create a ripple effect of stability for generations to come by ensuring non-dependence on her loved ones for livelihood and guaranteeing benefits to them in the event of her demise (within the first 10 years)
In plain terms:
Annuities possess several unique qualities that set them apart from other financial instruments:
Guaranteed Income
One of the most distinctive features of annuities is their ability to provide a guaranteed stream of income. Depending on the type of annuity, this income can be fixed or variable and can last for a set period or even for life. This guarantee offers peace of mind to investors, particularly retirees, who seek a reliable source of income to support their lifestyle.
Tax Deferral
Annuities offer tax-deferred growth, meaning that any earnings within the annuity grow tax-free until they are withdrawn. This can be advantageous for individuals looking to maximize the growth of their investments overtime without being subject to immediate taxation.
Flexibility
Annuities come in various forms, including fixed, variable, and indexed annuities, each offering different levels of risk and potential return. This flexibility allows investors to tailor their annuity choices to align with their risk tolerance, investment goals, and financial circumstances.
Death Benefit
Many annuities offer a death benefit, ensuring that a beneficiary will receive a certain amount, typically the initial investment or the accumulated value, upon the annuitant’s death. This feature can provide a measure of financial security for loved ones and can be particularly appealing for those concerned about leaving a legacy.
Lifetime Income Options
For retirees seeking to address longevity risk—the risk of outliving their savings—annuities offer unique solutions. With options such as immediate annuities or longevity annuities, individuals can secure a steady stream of income for life, regardless of how long they live.
Protection from Market Volatility
Fixed annuities provide protection from market volatility by offering a guaranteed interest rate for a specified period. This can shield investors from the ups and downs of the stock market and provide a stable foundation for their retirement income strategy.
Sarah’s journey with annuities is a compelling testament to the transformative power of these financial instruments. From uncertainty and anxiety to confidence and stability, annuities have the potential to reshape the narrative of retirement. As we navigate the unknowns of our financial future, let Sarah’s story serve as an inspiration–a reminder that with the right financial tools, we can turn the page from uncertainty to a chapter filled with confidence and peace of mind. With confidence and peace of mind.
For more information, visit our website www.coronation.ng to start, call: 01-2774500, 020-1-2774500, or send an email to [email protected]
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,500.65/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 7, after recording losses in four straight sessions in the trading week.
The recent pressure on the market across majorly regulated channels came despite recent policy moves by the Central Bank of Nigeria (CBN) creating more trading transparency and ethical practices.
However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N8.78 to trade at N1,868.76/£1 compared with the previous day’s rate of N1,859.98/£1 and against the Euro, it weakened by N1.95 to settle at N1,557.13/€1, in contrast to Thursday’s closing price of N1,555.18/€1.
At the parallel market, the Nigerian currency improved its value further against the US Dollar on Friday by N5 to sell for N1,565/$1 compared with the preceding session’s N1,570/$1.
As for the cryptocurrency market, it slumped yesterday after the US Bureau of Labor Statistics said the country’s economy added 143,000 jobs in January, below the forecast 170,000 and down from 256,000 in December.
Ethereum (ETH) declined by 4.5 per cent to sell at $2,615.76, Cardano slumped 4.3 per cent to trade at $0.6949, Litecoin (LTC) depreciated by 1.9 per cent to settle at $103.35, Dogecoin (DOGE) fell by 1.7 per cent to $0.2476, Solana (SOL) recorded a 1.4 per cent loss to close at $193.39, Bitcoin (BTC) depleted by 1.2 per cent to $96,138.53, and Binance Coin (BNB) went down by 1.1 per cent to quote at $578.78.
On the flip side, Ripple (XRP) gained 1.8 per cent to trade at $2.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.
By Adedapo Adesanya
Oil prices went up on Friday after new sanctions were imposed on Iran’s crude exports, with Brent crude futures expanding by 37 cents or 0.5 per cent to $74.66 per barrel, and the US West Texas Intermediate (WTI) crude futures growing by 39 cents or 0.55 per cent to $71.00 a barrel.
However, for the week, prices were down by 2 per cent as investors worried about US President Donald Trump’s renewed trade war with China and threats of tariffs on other countries.
Reports of planned tariffs from the Trump administration reined in gains following the sanctions announced on Thursday.
The American president on Friday said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.
President Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve US budget problems.
However, Mr Trump’s Commerce secretary nominee Howard Lutnick voiced concerns about India’s high tariff rates, while US Trade Representative nominee Jamieson Greer discussed US complaints about Vietnam’s and Brazil’s tariffs and trade barriers.
He had earlier announced a 10 per cent tariff on Chinese imports as part of a broad plan to improve the US trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.
But market analysts noted that this could be a major escalation of his offensive to tear up and reshape global trade relationships in the US favour.
On Thursday, it imposed new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China as it intensified war against Iran.
Iran’s President, Mr Masoud Pezeshkian, called on its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to stand united against ‘destabilizing’ US sanctions, meeting with OPEC Secretary General Khaitam al-Ghais as the country assumes the rotating presidency of the organisation.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated further by 0.48 per cent on Friday after market participants showed no signs of slowing down in their hunt for stocks with sound fundamentals.
During the session, all the key sectors of the bourse witnessed bargain-hunting activities, with the banking counter growing by 1.72 per cent.
Further, the insurance index expanded by 1.64 per cent, the industrial goods sector jumped by 0.77 per cent, the consumer goods industry rose by 0.11 per cent and the energy space also gained 0.11 per cent.
Consequently, the All-Share Index (ASI) increased by 502.88 points to 105,933.03 points from the 105,430.15 points it ended a day earlier, and the market capitalisation gained 0.47 per cent or N305 billion to settle at N65.592 trillion compared with Thursday’s N65.287 trillion.
A total of 37 equities ended on the gainers’ chart yesterday and 17 equities on the losers’ table, implying a strong investor sentiment and positive market breadth index.
Academy Press appreciated by 9.93 per cent to N2.99, Cadbury Nigeria also improved its value by 9.93 per cent to N29.35, Eterna rose by 9.90 per cent to N36.65, Livestock Feeds expanded by 9.85 per cent to N5.80, and UPDC soared by 9.75 per cent to N2.59.
On the flip side, Multiverse lost 9.95 per cent to close at N9.05, MeCure Industries shed 9.71 per cent to N12.55, NPF Microfinance Bank slumped by 7.94 per cent to N1.74, Learn Africa declined by 4.44 per cent to N4.30, and Tantalizers soured by 3.85 per cent to N2.00.
Investors transacted 468.2 million shares worth N13.2 billion in 12,612 deals on the last trading session of the week compared with the 537.2 million shares valued at N23.0 billion traded in 15,450 deals in the preceding session, representing a decline in the trading volume, value and number of deals by 12.84 per cent, 42.61 per cent and 18.37 per cent, respectively.
The busiest stock for the day was Zenith Bank with a turnover of 108.8 million units worth N5.0 billion, Cutix traded 24.3 million units valued at N58.7 million, Access Holdings exchanged 23.6 million units for N657.7 million, Sterling Holdings transacted 22.8 million units valued at N136.0 million, and Fidelity Bank sold 20.4 million units worth N426.3 million.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN