In the midst of the pandemic, Ron and Joan Thompson embarked on a journey that would shape their financial future, offering a sense of security in an uncertain world. Both in semi-retirement, they were drawn to the idea of guaranteed returns, and annuities seemed like the missing piece to their financial puzzle.

The couple had sold some investment property and were looking to reinvest the proceeds toward their retirement plan. They considered a number of options, from equities to other properties to government securities. In the end, they found annuities fit their needs best.

“It was really the appeal of [a] certain guaranteed return that had us looking at annuities,” Ron said. “It was wanting to add that mix to our portfolio — ‘Let’s have something that’s locked in.’”

The Interviewee

Ron Thompson Ron Thompson
Navigating the Annuity Maze: A Couple’s Path to Financial Certainty and Retirement Security

The First Leg: Navigating the Maze of Annuities

“We weren’t aware that there were so many different types of annuities, and it can all get quite confusing,” Ron admitted, reflecting on their initial research during the pandemic. 

As a conservative investor and a trained auditor, investigating and corroborating facts was second nature to Ron. He said became their primary source of reliable information, helping them sift through the complex landscape of annuities.

“We were in the thick of the pandemic at the time, so I’m doing all this online research, and it was not a small investment that we were looking to convert,” Ron said.

The Second Step: Choosing the Right Path

With their research in hand, Ron turned to annuity rating agencies, seeking financial certainty and security. These companies rate the financial health of annuity providers.

 “It was about finding the right fit for our retirement savings strategy,” he explained. 

Then, they reached out to multiple providers, meticulously comparing their options until they found one that felt “trustworthy and efficient.”

“And once I got comfortable with those ratings and so forth, I was able to reach out to a provider I didn’t know from Adam, and then a second and third one just to compare,” he said.

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The Final Stretch: Navigating the Annuity Marketplace

Ron noted that the real challenge lay in transitioning from theoretical knowledge to practical decisions. 

“Talking to providers and understanding the complexities of their products took us another couple of months,” he said. 

The abundance of choices slowed them down, but Ron firmly believes that their diligence paid off.

The biggest thing about committing to an annuity, Ron said, is just going from what you read about annuities to the actual offerings; how they’re packaged by different providers.

The Destination: A Secure Future

Ron and Joan might consider themselves semi-retired, but they’re far from hanging up their hats completely. 

“We get a lot of meaning out of our professions,” Ron said. 

Their journey toward buying an annuity was about securing a future where retirement is an option, not a necessity. 

Ron and Joan’s journey, filled with thorough research and careful considerations, ultimately led them to a retirement solution the couple feels secure with. While retirement may or may not be on the horizon, their story reminds us that the road to financial peace often begins with a single step toward informed choices.

Thoughts and opinions expressed in these stories are strictly anecdotal and should not be taken as financial advice. Views of the interviewee do not necessarily reflect those of the author, editor or
Last Modified: October 9, 2023
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