Immediate Annuities in De Forest
The products we rely on to plan for retirement have changed a lot over time. The number of pensions is dwindling year after year and the future of Social Security is up in the air. Because of this, it’s important that people prepare today for their retirement future. Immediate annuities are an insurance product that can help people accomplish this goal.
What Is An Immediate Annuity?
First, it’s important to understand annuities in general. An annuity is a financial product that functions as an agreement between an individual and an insurance company. The person buying the annuity makes a lump sum payment to the company, who agrees to make payments back to the owner at a predetermined time. There are two basic kinds of annuities, deferred and immediate, that determine how these payouts occur. Deferred annuity payments start at later date and time while immediate annuities can start payouts almost immediately.
Immediate annuities are typically chosen by people who are looking for steady income payments and need them to start soon. Immediate annuities are tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.
There are many companies out there that sell immediate annuities, providing you with many different options. By working with Retirement Income Strategies, you’ll gain access to many of these companies and have options available to you for De Forest immediate annuities. Because of this, we’re better equipped to find an annuity that meets your needs.
Talk to one of our knowledgeable financial professionals to learn more about immediate annuities in De Forest. We’ll be happy to discuss your financial and retirement goals to determine if one of these products would be the right choice for you. Give us a call today and set up your appointment.