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An annuity is a long-term investment designed to create income during your retirement years. Annuities are issued by insurance companies, and are started either with a lump sum payment or a series of payments. The insurer agrees to make periodic payments to you either immediately, or some time in the future. Annuities offer tax-deferred growth, and may include a death benefit to make sure that your beneficiary receives a guaranteed amount.
Annuities are popular because they combine features of both life insurance and investments.
In toady's volatile market, it is a good idea for some people to have a conservative investment tool such as an annuity in their portfolio.
Annuities offer some considerable benefits over other kinds of retirement products, especially for those not able or willing to risk losing a portion of their retirement savings.
For example, annuities can offer:
Lifetime Income – With an immediate lifetime annuity, you are guaranteed periodic payments for your entire life. The risk of you living a long life is borne by the insurance company providing the annuity.
Social Security and pension plans offer a similar form of retirement income protection – but only in limited dollar amounts. The only limit to the size of your periodic annuity payment is the amount of money you have to purchase an annuity now. Even better for many retirees, the older you are, the larger your monthly payments will be for the same price.
Principal Protection – One of the best features of fixed and equity indexed annuities is that the value of the annuity can be guaranteed to be at or above the amount invested. You can guarantee that you (or your heirs) will receive back at least as much money as you invested in the annuity, which is important in a turbulent market.
Tax Efficiency – The purchase of an annuity with qualified retirement savings (401k, 403b, or IRA funds) can save you money on taxes over taking a lump sum payment. You can roll-over qualified funds into a qualified annuity without any tax penalties. You only pay taxes on the income the annuity provides.
In summary, an annuity is a great way to protect your quality of life in retirement. Your retirement assets can be efficiently used to purchase guaranteed income to last as long as you need. Best of all, this income can be protected from inflation and other financial woes.
Deacon & Deacon Insurance Agency has access to many different fixed annuity products to meet the needs of West Virginians. Contact us today at (304) 720-5641 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it
