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Annuities


Annuities Information

What is An Annuity?

 Annuities have a history that dates back to medieval times  that were used by cities and monasteries to help raise funds.  An Annuity refers to a contract in which provides a stream of income for a specific or indefinite time.  The word  annuity has come to be identified with multi-purpose insurance contracts terminating in a payment stream. This makes it logical to ask: What is an annuity contract and What are they for?

An annuity contract involves one or more people and an insurance company. The universal common feature of annuity contracts is the option of the holder or holders to receive assured lifelong income in the form of regular payments from the insurance company. The source of these payments is investments made by the holder(s), either in a lump sum or in a series of contributions to the insurance company. The investment proceeds grow tax-deferred prior to disbursal. When the proceeds are distributed to the holder, investment gains are taxed as ordinary income.

There are two types of Annuities:

Deferred Annuities

In contrast to the risks of stock market related vehicles, fixed deferred annuities provide a secure interest rate that allows your money to grow tax-deferred and at a guaranteed interest rate.  When an annuity is being used for long term accumulation purposes, then would they be classified as a Fixed Deferred Annuity.  Fixed Deferred annuities can provide peace of mind that your retirement savings will grow steadily, without being exposed to the risks of stock market fluctuations.


Benefits:

  •  Competitive, guaranteed fixed interest rates
  • Tax-deferred growth
  • Control over when you receive your money and pay taxes on the earnings
  • The opportunity to generate a stream of income that's guaranteed to last a lifetime

Immediate Annuities:

 During pre-retirement, the goal is to accumulate assets.  Once you have reached retirement, the next step - the distiribution of assets - is equally important to help ensure you can maintain your financial independence.  Using a combination of assets( Social Security, Pension, etc..) an immediate annuity can help guarantee you a fixed income.  In exchange  for the annuitants account value, she then receives a guaranteed income, for a either lifetime or a guaranteed time period.

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