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You may benefit from an annuity if
- Retirement is near, or you have already retired.
- You thought saving for retirement was the challenging part. Now you need a steady retirement income.
- You'd like to minimize your annuity tax bill.
- You don't need the money right now. Your objective is to accumulate funds while deferring tax payments.
- A certificate of deposit isn't working for you.
- It's essential to have your money working hard for you. So, you're looking for something with a higher potential return.
There are two main types of annuities
Income annuities can provide a reliable, guaranteed income stream you can’t outlive. You can supplement your income through income annuities if you’re nearing retirement age or have already retired. Annuities give you monthly payments, or they can be arranged for a specific duration.
You can grow your retirement assets tax-deferred, with a fixed rate of return. Deferred annuities will never lose value, so your investment will never lose value.
The benefits of annuities
Determining how much income you’ll need is one of the most challenging tasks in retirement. Annuities provide reliable income that you can use however you wish.
The tax on annuity earnings is deferred until you start taking money out, which may help you minimize your tax liability.
Every situation is different. Annuities offer various income options depending on your income needs and frequency preference.
- Annuity payments can be used in a variety of ways
How you use your annuity payments is up to you. Many people use the money to:
- Maintain a reasonable standard of living
- Supplement Social Security payments or other income sources
- Contribute to the education of a grandchild
- Make a charitable contribution
- Invest in other insurance products
