Which type of annuity is an investment for you?
What is an annuity?
An annuity is a contract that can accrue assets on a tax-deferred basis and convert those assets into a steady stream of income. Annuities are a great way to secure guaranteed income with a lifetime withdrawal benefit. Or, an annuity can leave a legacy for your loved ones and avoid probate. There are several different types of annuities. How premiums are paid, how premiums are invested and when annuity payments begin are all factors that determine how the annuity is classified.
How do annuities work?
Generally speaking, an annuity works like this:
- You purchase the annuity by making a single premium payment or a series of installment payments.
- The money accumulates on a tax-deferred basis
- At a later date, you receive benefits from the annuity, either in one lump sum or through periodic installments.
Should you invest in an annuity?
Your unique circumstances will determine whether annuities may be right for you. Contact Insurance Partners Inc., to discuss your options and see how our professionals can help protect your retirement.
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