What is an Annuity?

It's a contract in which an insurance company pays out a series of income payments at regular intervals in return for a premium or premiums you have paid. Typically annuities are purchased for future retirement income. Annuities can be either immediate or deferred.

What are some Benefits of Annuities?

  • Income for life
  • Protection from probate and creditors
  • Cash growth possibilities
  • Tax-Deferral
  • Guaranteed Lifetime Income
  • Minimum Guarantees
  • Preservation of Premium
  • Adverse to risk

Types of Annuities:

  • Fixed Indexed Annuity
  • Variable Annuity
  • Fixed Annuity
  • Deferred Annuity
  • Immediate Annuity
  • Single-Premium Annuity
  • Flexible-Premium Annuity

Points to Ponder Regarding Annuities:

  1. At this stage of your life, what is more important, keeping what you have or accumulating more wealth with risk?
  2. Considering safety with growth, what do you consider a fair rate of return?
  3. What rate of return are you hoping to achieve over the next few years?
  4. What is your risk tolerance: High - Medium - Low - None?
  5. Do you need any income from your investment accounts? If so, when?
  6. Will you be adding more money?
  7. When or under what circumstances do you expect to access the money/annuity?
  8. If you could fix just one thing today, what would it be?

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