Many advisors helping seniors plan out their income into retirement are not as educated as they should be in this area which has led to some seniors not fully understanding their assets or future costs. Many advisors also don’t discuss the possibility of investing in annuities.

One agent urges other advisors to explain to their clients how diverse an annuity actually is and how there are annuities beyond the single premium immediate annuities (SPIAs). Some annuities allow for the owner to take money out in case of an emergency where others allow a steady income for many months or years to come. Depending on a client’s comfortability with accessibility to funds, an annuity can become tailored to them and their situation.