Annuities

Annuities

Quick! Name all of the different financial products that can guarantee a consistent stream of income for the rest of  your life.

There’s only one and it’s called an annuity.

In general, there are two types of annuities issued by insurance companies: Variable and Fixed.  A variable annuity usually contains some type of investment vehicle, meaning that your principal may be subject to risk. With a variable annuity, your returns may be subject to performance of the market or sub-segments of the market.

By contrast, a fixed annuity typically offers a fixed rate of return for an agreed upon period of time. In general, the longer term you agree to, the higher the rate of interest the company will agree to pay you.

Annuity contracts also offer tax advantages.  For example, the cash build-up inside an annuity contract normally is not taxed while it is growing. This provides a tremendous long term opportunity for growth by postponing taxes until retirement when the effective tax rate should be lower.

At an appropriate time, the cash value of an annuity can be annuitized, meaning that it starts to pay out cash to its beneficiaries. There are several different payout options to choose from, including income for life.

Although a thorough discussion of annuities is beyond the scope of this site, please be advised that our firm only offers fixed annuities that are not tied to market performance in any way. We believe that retirement income funds should be as safe as possible.

To that end, we offer numerous annuity options from a variety of highly-rated, well-respected insurance companies.

If you are interested in looking into annuity options, please contact our offices for an in-depth, no obligation consultation.

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