Annuities are insurance products that provide a reliable, steady stream of payments to support your financial needs. These payments can run for the rest of your life or for a predetermined number of years. An annuity is a long-term investment contract issued by an insurance company. They are a good idea if you are nearing retirement and are looking for a strategy to protect yourself from outliving your income. Like any investment, annuities have their pros and cons, but are popular choices for investors when planning a retirement strategy. Let our team help you make the right investment.
It begins with an initial investment into the product that is then returned to you as payments from the insurance company. There are many factors that go into the amount of payments received; an example is the length of your payment period and the amount of funds invested into the annuity. Payments are often scheduled to be quarterly, monthly, or even in a lump sum.
Typically any growth, income, or interest inside an annuity is tax-deferred. So you will not have to report that income to the Internal Revenue Service (IRS) each year. Instead, taxes are paid when you decide to withdraw the funds.
There are two very common annuity types, fixed and variable, that investors can choose. With a fixed annuity the payments are spelled out exactly ahead of time in the contract. So investors can plan accordingly and have a bigger picture of how their retirement plan might look.
With a variable annuity comes the potential for higher – or lower – payments, depending on the performance of a traditional investment portfolio and the financial market. Work with our trusted experts to plan for the future.
Annuities are not for everyone, but our team can help you make the right choice. If you’re nearing retirement and need to ensure you can pay your living expenses after you’ve stopped working, you should consider if an annuity is right for you.
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