People are living longer and that means more time and money will be spent in retirement. If you need a tax-deferred investment to provide a guaranteed stream of income for life or a specific number of years, it might be worth considering an annuity. An annuity is a contract between an insurance company and an annuity owner. In exchange for a purchase payment or a series of payments, the insurance company guarantees to pay a stream of income in the future.
There are two types of annuities- Immediate and Deferred
An Immediate Annuity is usually purchased with a single premium and begins a stream of income within 12 months from the date of issue. You decide when payments will begin within that period and how long to receive income.
A Deferred Annuity is specifically designed to help accumulate assets for retirement. It also offers the ability to turn those assets into a guaranteed stream of income at some point in the future. You decide when payments are to begin and how long to receive the income. There are various types of deferred annuities which as financial professionals we can help you determine which best suit your goals.
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