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Annuities are typically purchased to provide a stream of guaranteed income today or in the future. Often they are purchased to supplement retirement income and/or social security benefits.
There are two different forms of annuities:
- Immediate – provides income payments that normally begin within a year after the premium is paid.
- Deferred – provides income payments that begin later, often after many years. Deferred annuities are designed for long-term savings purposes.
Benefits of annuities
- Annuities are the only financial tool that can guarantee a stream of income that you cannot outlive.
- Tax-Deferred Savings – interest earned is tax deferred until received
- Death proceeds are paid directly to your named beneficiary – privately and outside of probate.
There are different types of deferred annuities to meet different risk tolerances. You can purchase a guaranteed interest rate annuity or you can have your interest rate tied to a major index.
When you decide to take income from your annuity, you can receive the income based on your life only or on a joint basis with you and your spouse. You can also elect to have income paid for a specified period of time.
If you are looking to set money aside and earn a guaranteed interest rate tax-deferred you may want to consider an annuity.
If you are looking to create a steady guaranteed income from savings that you already have – you may want to consider an annuity.
We can help you determine if an annuity is right for you.