Immediate Annuities in De Forest
Planning for retirement has changed dramatically over the years and will continue to do so. While Social Security and pensions have been dependable options for retirement income, they have shifted to a point where they will only be available to some. This means it is very important to prepare now for what lies ahead in retirement. In order to reach this goal, many people have chosen immediate annuities.
About Immediate Annuities
First of all, it’s important to understand what annuities are. An annuity is a financial product that functions as an agreement between an individual and an insurance company. The annuity owner makes a lump sum payment to the company, who agrees to make regular payments back to the owner at a predetermined time. In respect to when these payments happen, there are two basic types of annuities: deferred and immediate. Deferred annuity payments commence at later date while immediate annuities can start payouts within a few weeks.
For those looking for recurring 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these annuities is they are tax-deferred, which means you don’t need to pay taxes on this increase until the money is withdrawn.
Because there are numerous companies that sell them, there are several options when it comes to immediate annuities. To help you make a good decision on immediate annuities, Retirement Income Strategies is independent, meaning it will provide you with access to products from several different companies. This structure allows us to find an immediate annuity that will best meets your needs.
Want to learn more about De Forest immediate annuities? Talk to one of our knowledgeable financial professionals. After a short conversation on your current finances and retirement goals, we will be able to determine if an immediate annuity is a good choice for you. Give us a call today and schedule your appointment.