RiverSource is a subsidiary of the public company known as Ameriprise Financial, which is traded under the AMP ticker. This company offers comprehensive annuity programs to customers who are concerned about obtaining financial security during their retirement years. These programs are crafted in a manner that will help the customer to develop a retirement portfolio. They can supplement any additional income provided through the Social Security program as well as employer-based pension plans.
Most retirement packages require several sources of income in order to achieve the desired level of stability. There are different types of annuities that are available, so it is important to select the plan that reflects your needs and desires. Investment strategies can affect the outcome of your experience with RiverSource, yet this is a completely separate issue from the quality of the company and the skill of the employees.
RiverSource Annuities, Pros and Cons
Pros: There are many potential benefits of using a retirement annuity. This is a secure method for building financial security that will last throughout your retirement years. The annuity is an investment, so the best annuity package will have a diverse range of assets in your portfolio that will guarantee an income throughout your entire retirement. The deferment of taxes can assist in the growth of your retirement portfolio. RiverSource also offers a unique option for locking in any financial gains so that you can enjoy your best years in comfort and security. Financial advisors are available to assist individuals in creating a robust plan that will achieve specific goals over a set period of time.
Cons: One of the most attractive aspects of the RiverSource retirement annuity is the guaranteed return, which is based on a solution tethered to a fixed interest rate. However, the actual investments in this particular annuity program are not fixed, which means that they will be exposed to the normal movements of the markets. Death benefits may not achieve the expected payout if the investment are not performing at a minimum threshold, for example. You will need to know as much as possible about this threshold in order to make an informed decision. For the best outcome, always consult with a qualified and experienced financial advisor who can assess your level of risk adversity.
Customer Reviews and Concerns
Customers will normally have different experiences with insurance companies. This is partially due to the fact that claims adjusters have a lot of discretion over the payment process. Customers in some states report excellent customer service, but others will report difficulties in getting their claims to make it through the process. Any reported problems with the company paying out long-term obligations should be treated with serious concern; however, the problem itself is certainly nothing new within the insurance industry.
Anyone who is looking at an annuity plan should be aware of the motive of insurance companies like RiverSource in generating more revenue than the amount paid out through the claims process. To avoid difficulties, ask your customer service representative about RiverSource’s specific requirements for obtaining a payment from a claim. This inquiry can lead to a satisfactory resolution in many cases. In addition, annuity plans can have dramatically different results, and this will depend on many variables including income, retirement age and the type of annuity you select. For additional advice, you should consult with a financial advisor who can help you to understand the different options and their possible outcomes during your retirement years. Everyone is different, so you will need to personalize a retirement plan that reflects your actual situation.