De Forest Immediate Annuities
No matter what we prefer, retirement is changing and will continue to change. While pensions used to be quite common, they have now become very rare. This is why it is important for people to prepare today for their retirement years. Immediate annuities are an insurance product that have helped people accomplish this goal.
What Are Immediate Annuities?
First, let’s discuss annuities in general. An annuity is a financial product that functions as an agreement between a person and a financial institution. The annuity owner 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 types of annuities, deferred and immediate, that determine how and when these payouts occur. Deferred annuities feature payouts that are pushed aside to a later time; the payouts of immediate annuities can start immediately.
For those in need of recurring income payments within a short amount of time, immediate annuities are a common selection. Another important feature of these annuities is they feature tax-deferred growth, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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 the decision difficult. By working with Retirement Income Strategies, you’ll gain access to many of these companies and have options available as you select a De Forest immediate annuity. Through this structure, we are better equipped to find an annuity that best fits your needs.
Talk to one of our experienced financial professionals to learn more about immediate annuities in De Forest. After a simple conversation on your current finances and retirement goals, we should be able to figure out if an immediate annuity is right for you. Please call us today and set up your appointment.