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RiskWise: Annuities and Income

RiskWise: Annuities and Income

This course is part of multiple programs.

Instructor: Dr. Craig Lemoine

Included with

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4 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

No prior experience required

5 hours to complete

Flexible schedule

Learn at your own pace

4 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

No prior experience required

5 hours to complete

Flexible schedule

Learn at your own pace

What you'll learn

Explain what annuities are and how they are used to support retirement income, including protection against longevity risk.
Compare annuities with traditional investment‑based approaches and describe when guaranteed income may be useful within a retirement plan.
Identify and explain key annuity features and tradeoffs, including income options, guarantees, fees, and liquidity.
Apply retirement income concepts to realistic scenarios, evaluating long‑term outcomes, survivor considerations, and communication challenges.

Skills you'll gain

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There are 4 modules in this course

Turning lifetime savings into reliable retirement income is one of the most complex challenges in financial planning. In this course, you’ll explore how annuities work as insurance‑based contracts designed to support retirement income and manage longevity risk—while also examining the tradeoffs they introduce around flexibility, liquidity, costs, and legacy planning.

Through expert interviews and realistic retirement scenarios, you’ll compare annuities with traditional investment‑based approaches and evaluate when guaranteed income may be useful within a broader retirement plan. You’ll learn how income options, guarantees, fees, and contract features affect long‑term outcomes for individuals and households. Rather than promoting specific products, this course emphasizes evaluation, judgment, and communication. You’ll apply retirement income concepts to practical situations, considering portfolio pressure, survivor outcomes, and the challenges of clearly explaining tradeoffs to clients or family members. Designed for a broad audience—including aspiring and current financial professionals, retirement planners, and informed consumers—this course equips you to assess annuity contracts thoughtfully and understand their role in comprehensive retirement strategies. This course is part of the College of ACES suite of online programs. To learn more about online programs from the College of ACES and explore ways to apply your Coursera work toward a degree program at the University of Illinois, visit: https://aces.illinois.edu/online.

In this opening module, you’ll get oriented to the course and begin exploring why retirement income planning is fundamentally different from investing during your working years. We’ll focus on uncertainty, longevity risk, and how annuities are designed to address those challenges. You’ll also be introduced to Jamal and Renee, a household you’ll revisit throughout the course. By the end of this module, you’ll be able to explain what annuities are designed to do and the risks they are meant to manage.

What's included

9 videos3 readings2 assignments1 discussion prompt

9 videosTotal 33 minutes

Course Introduction1 minute
Meet Your Instructor | Craig Lemoine4 minutes
Meet Your Instructor | Tapiwa Sigauke1 minute
Module 1 Overview1 minute
What “Deferred” Means in Annuities (and Why It Matters)4 minutes
How Longevity Risk Is Shared: Mortality Credits Explained5 minutes
How Annuities Are Taxed: What to Know at a High Level13 minutes
How Annuity Contracts Are Structured (and Who Gets Paid)4 minutes
Meet Jamal and Renee: A Retirement Income Story Begins1 minute

3 readingsTotal 30 minutes

Course Guide10 minutes
Updating Your Profile10 minutes
What Happens If a Life or Annuity Insurance Company Fails?10 minutes

2 assignmentsTotal 20 minutes

Orientation Quiz10 minutes
Module 1 | Knowledge Check10 minutes

1 discussion promptTotal 10 minutes

Getting to Know Your Classmates10 minutes

This module focuses on how annuities actually work. You’ll examine different contract structures, income options, and common features, and explore how changes in design affect income and flexibility. Rather than making recommendations, you’ll use tools and examples to observe patterns and tradeoffs. By the end of this module, you’ll be able to describe how annuity contracts function and why design choices matter.

What's included

9 videos2 readings1 assignment

9 videosTotal 49 minutes

Module 2 Overview1 minute
How Annuity Contracts Work: A Guided Overview2 minutes
Surrender Charges in Variable Annuities: What They Mean6 minutes
Using Annuity Calculators to Explore Income Tradeoffs5 minutes
Indexed Annuities: How They Grow and What to Watch For5 minutes
Deferred Variable Annuities Bells and Whistles10 minutes
Choosing Annuities Wisely3 minutes
Why Annuities Exist and How They Reduce Withdrawals7 minutes
Deferred Annuities: Timing, Structure, and Tradeoffs10 minutes

2 readingsTotal 11 minutes

Explore | Public Annuity Calculators10 minutes
Optional Reading | Planning with Annuities Based on Retirement‑Income Styles1 minute

1 assignmentTotal 10 minutes

Module 2 | Knowledge Check10 minutes

In this module, you’ll begin applying what you’ve learned to a real household. Using the Jamal and Renee case, you’ll assess retirement income risks and priorities without selecting products or calculating exact income amounts. Expert perspectives will help connect guaranteed income to spending behavior and long‑term decision‑making. By the end of this module, you’ll be able to evaluate fit and explain key tradeoffs in retirement income strategies.

What's included

4 videos2 readings1 assignment

4 videosTotal 26 minutes

Module 3 Overview1 minute
Behavioral Realities of Retirement Income9 minutes
What Makes Annuity Contracts Different from Investments7 minutes
How Annuities Fit Within Broader Retirement Income Strategies10 minutes

2 readingsTotal 20 minutes

Jamal and Renee: Retirement Income Snapshot10 minutes
Guaranteed Income: A License to Spend10 minutes

1 assignmentTotal 20 minutes

Module 3 | Knowledge Check20 minutes

This final module shifts from planning to outcomes. You’ll see how earlier retirement income decisions play out over time, including survivor and liquidity considerations. You’ll also explore ethical and practical perspectives on using annuities and practice communicating a strategy in plain language. At the end of this module, you’ll complete the final assessment and earn your Coursera certificate.

What's included

10 videos4 readings1 assignment

10 videosTotal 40 minutes

Module 4 | Overview1 minute
Case Update | Jamal and Renee - Ten Years Later2 minutes
Longevity, Mortality Credits, and Survivor Income Decisions6 minutes
How Annuities Fit into a Retirement Income Strategy2 minutes
Service, Due Diligence, and Choosing Annuity Providers 8 minutes
Why Older Annuity Contracts Matter2 minutes
Long‑Term Care, Legacy, and the Evolution of Annuity Design8 minutes
Using Home Equity and Annuities to Create Retirement Income3 minutes
Recent Changes and Research in Retirement Income7 minutes
Course Summary1 minute

4 readingsTotal 26 minutes

A Real‑World Stress Test — When Unexpected Expenses Happen5 minutes
Explore More | Three Essays on Annuities and Annuitization1 minute
Congratulations!10 minutes
Getting Your Course Certificate10 minutes

1 assignmentTotal 30 minutes

Final Assessment 30 minutes

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Add this credential to your LinkedIn profile, resume, or CV. Share it on social media and in your performance review.

Instructor

Dr. Craig Lemoine

University of Illinois Urbana-Champaign

13 Courses9,889 learners

Offered by

University of Illinois Urbana-Champaign

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Frequently asked questions

Yes! Although completion of the Coursera course alone is not credit-bearing, it is a required component of a graduate-level Canvas course that can be "stacked" toward advanced credentials such as an academic (transcriptable) graduate certificate or a degree. If you decide to pursue further education, the credits you earn from this course can be applied toward a formal academic program, provided that you meet all the requirements of admission to the certificate or degree.

To access the course materials, assignments and to earn a Certificate, you will need to purchase the Certificate experience when you enroll in a course. You can try a Free Trial instead, or apply for Financial Aid. The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.

When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile.