Annuities

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Annuities Information

What is an annuity?

An annuity is a long-term investment between you, the annuitant, and an insurance company, the annuity issuer. Under this contract, you pay after-tax funds to the annuity issuer, who then invests your principal to meet your financial objectives and pays you or your beneficiary back with earnings (subject to the issuer’s claims-paying ability).

If you have a fixed annuity, your interest rate is guaranteed. With a variable annuity, your earnings are linked with the fluctuating performance of your investments and may be worth more or less than your principal when redeemed. In addition, you have added control in how your money is invested, creating a higher potential for growth. However, this option comes with a higher risk in return.

Unlike other investment plans, an annuity has no limit on investment. Your funds will steadily grow with a tax-deferred status, and you pay your regular tax income rate on only your earnings upon withdrawal.

What annuity options are available?

An immediate annuity can begin paying you right away. You can choose whether you want your income guaranteed for a specific time period or lifelong payments. Your payments are calculated based on your principal and your life expectancy.

A deferred annuity is broken up into two phases:

Accumulation

01

This is when you add money to your annuity, whether you pay in a lump sum or you make a series of payments. You can continue to let your account grow tax-deferred for an indefinite amount of time.

Distribution

02

This is when you begin withdrawing money from your annuity, whether you take out systematic withdrawals or annuitize to supplement your finances with a regular stream of income.

Why buy an annuity?

An annuity is a good investment option for individuals who are willing to take a bigger risk in hopes of earning a bigger payout. Your earnings can then be used for supplemental income during retirement, guaranteed financial independence as you age, or a monetary legacy to leave behind for your loved ones. An annuity can help you continue living comfortably well into old age.

Contact us to learn more about planning your future with an annuity. We are happy to answer your questions and help begin your investment process. As an independent agency, we’re committed to helping you compare multiple options to find your best choice. Call us at (800) 829-5270 or click here.

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