Madison Immediate Annuities
The products we rely on to plan for retirement have changed a lot over the years. It’s quite difficult to bank on Social Security when its future is in doubt. Because of this, it’s important that people prepare now for their retirement years. To accomplish this goal, many people have turned to immediate annuities.
About Immediate Annuities
Before we can explain the specifics of this product, we must first talk about annuities in general. At its base level, an annuity is a financial product that functions as an agreement between a person and an insurance company. On one side, the annuity owner makes a lump sum payment to the company. On the other side, the company agrees to make regular payments back to the individual at a later time. In respect to when these payouts happen, there are two basic types of annuities: deferred and immediate. Deferred annuities include payouts that are pushed aside to a later date; the payouts of immediate annuities can start immediately.
For those looking for recurring income payments within a short amount of time, immediate annuities can be a great choice. Another attractive feature of these annuities is they feature tax-deferred growth, which means you don’t need to pay taxes on this increase until the money is withdrawn.
You have many different options when it comes to immediate annuities, which can make this choice difficult. 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. Through this structure, we’re better equipped to find an annuity that fits your needs.
Meet with one of our experienced financial professionals to learn more about Madison immediate annuities. After a short conversation on your current finances and retirement goals, we will be able to figure out if an immediate annuity is a good choice for you. Call us today to schedule your appointment.