Grow Your Retirement Savings with an Annuity
Planning for your retirement is important, but it can come with its own challenges, especially when it comes to discussing finances. If you’re ready to start going over your financial options but aren’t sure where to begin, annuities can be a good starting place.
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What Are Annuities?
Annuities are an excellent way to make sure that you will be financially secure in the future, but what are they, and how do they work?
Annuities are a contract between an individual and an insurance agency. This contract states that the agency will provide the individual with a certain amount of money regularly in the future. This is a great way to ensure that you have money set aside for retirement and that you won’t run out of money when you need it most.
One of the biggest impacts on how large an annuity depends on how much money you’re able to put into it. This is an important thing to think about when it comes to enrolling in an annuity.
Before choosing an annuity, you should also be aware of your annuity options. The most common annuities include:
Fixed annuities are the simplest form of annuities. You will pay for a steady stream of income, and then the insurance company will payout your principal including a minimum interest rate.
Variable annuities will payout an amount that will vary depending on the performance of a portfolio of sub accounts.
Fixed indexed annuities provide more growth potential than standard fixed annuity. They also have less risk and less potential return than a variable annuity. The payout you receive will depend on the performance of an underlying index, like the S&P 500.
These annuities can also either be immediate or deferred. If you have an immediate annuity, the payments from the annuity will be paid to you as soon as you fund them. Deferred annuities will provide you with payments after a specified period.
Let's Talk About Your Options.
Making financial decisions for retirement is essential for many. Making sure that you have enough money saved up is an excellent way to provide yourself with peace of mind and make sure that you’re setting yourself up for success.
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To see if an annuity makes sense for you and your retirement plan, we welcome you to request a meeting with us. It will come at NO COST to you. We are excited to meet you and hear about your needs and goals!
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