Running out of money in retirement is a major concern for many Americans. You don’t work hard to just save for retirement and hope for the best. You want security and the stability and annuities can provide just that. Think of a paycheck…for life. They offer the ability to help you save for retirement and turn your assets into a steady income stream when the time is right.
Annuities are insurance contracts that make regular payments to you either immediately or at some point in the future. They’re divided into two general categories based on when income distributions are scheduled to begin:
- Deferred annuities – With a lump sum payment or a series of premium payments, you defer the payout by having your money invested for a period of time until you’re ready to take withdrawals (typically in retirement).
- Immediate annuities – With a lump sum payment upfront, your income stream begins right away as the name suggests (no accumulation period) and continues for the remainder of your life or for a specified period of time.
When considering the purchase of an annuity, you’ll need to determine which is best for you and your family. Making the right selection that meets your needs and objectives is important. Contact us today to discuss your options. Our mission is to help you achieve confidence in your financial future.
The content within this document is for informational and educational purposes only and does not constitute legal or tax advice. Customers should consult a legal or tax professional regarding their own situation. This document is not an offer to purchase, sell, replace, or exchange any product. Insurance products and any related guarantees are backed by the claims paying ability of an insurance company. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.