Madison Immediate Annuities
The products we rely on to plan for retirement have changed a lot over time. It’s tough to bank on Social Security when its future is uncertain. This is why it is important for people to prepare now for their future. For many people, immediate annuities are a product that could help them accomplish this goal.
About Immediate Annuities
First, let’s discuss annuities in general. Basically, an annuity is a financial product that is an agreement between an individual and an insurance company. Whoever is buying the annuity makes a lump sum payment to the company, who agrees to make regular payments back to the owner at a predetermined time. There are two basic types of annuities, deferred and immediate, that determine how these payouts occur. While deferred annuities do not begin until a later time, immediate annuities can start immediately.
For those looking for regular income payments within a short amount of time, immediate annuities can be a great choice. Another important feature of these annuities is they are tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.
There are several companies out there that sell immediate annuities, providing you with many different options. To help you make an informed decision on immediate annuities, Retirement Income Strategies is independent, meaning it will provide you with access to products from several different companies. Because of this, we’re better equipped to find an annuity that fits your needs.
Want to learn more about immediate annuities in Madison? Speak with one of our knowledgeable financial professionals. We will be happy to talk about your financial and retirement goals to decide if one of these products would be a good fit for you. Give us a call now to schedule your appointment.