Madison Immediate Annuities
The products we rely on to plan for retirement have changed a lot over time. It’s tough to rely on Social Security when its future is uncertain. This is why it is important for people to prepare now for their retirement future. For many, immediate annuities are a product that could assist with accomplishing this goal.
What Is An Immediate Annuity?
Before we can get into the specifics of this product, we need to talk about annuities in general. An annuity is a financial product that functions as an agreement between a person and an insurance company. The individual makes a lump sum payment to the financial institution, who makes regular payments back to the person at a predetermined time. In respect to when these payments happen, there are two basic types of annuities: deferred and immediate. Deferred annuity payments occur at later date while immediate annuities can start payouts within a few weeks.
Immediate annuities are often selected by people who are looking for steady income payments to start within a short amount of time. Immediate annuities are tax-deferred, which means you don’t need to pay taxes on this increase until the money is withdrawn.
Because there are many companies that sell them, there are a lot of options when it comes to immediate annuities. A great thing about choosing Retirement Income Strategies for retirement planning is that we are able to work with many of these financial institutions to provide our Madison customers with options. This structure allows us to select an immediate annuity that will best meets your needs.
Meet with one of our knowledgeable financial professionals to learn more about Madison immediate annuities. We will be happy to talk about your financial and retirement goals to determine if one of these products would be a good fit for you. Give us a call today to schedule your appointment.