Immediate Annuities in Fitchburg
No matter what we prefer, planning for retirement is changing and will continue to do so. It is tough to bank on Social Security when its future is uncertain. This means it is very important to prepare now for what lies ahead in retirement. Immediate annuities are a product that can help people accomplish this goal.
About Immediate Annuities
First, let’s discuss annuities in general. Basically, an annuity is a financial product that is an agreement between a person and an insurance company. The annuity owner makes a lump sum payment to the company and the company agrees to make payments back to the owner at a later time. There are two basic types of annuities, deferred and immediate, that determine how these payouts occur. Deferred annuities feature payouts that are pushed aside to a later date; the payouts of immediate annuities can start immediately.
For those looking for steady income payments within a short amount of time, immediate annuities can be a great choice. The growth of the funds placed within an immediate annuity is tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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 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 are better equipped to find an annuity that meets your needs.
Find out more about immediate annuities by meeting with one of our experienced financial professionals in the Fitchburg area. After a short conversation on your current finances and retirement goals, we should be able to figure out if an immediate annuity is right for you. Call us now to schedule your appointment.