Fitchburg Immediate Annuities
The products we rely on to plan for retirement have changed a lot over the years. It’s tough to bank on Social Security when its future is uncertain. This is why it is important for people to prepare now for their retirement years. For many people, an immediate annuity is a product that could help them accomplish this goal.
About Immediate Annuities
First of all, it’s necessary to understand annuities in general. At its base level, 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 an insurance company, who agrees to make regular payments back to the person throughout the life of the annuity. There are two basic kinds of annuities, deferred and immediate, that determine how and when these payouts occur. Deferred annuity payments commence at later time while immediate annuities can start payouts within a few weeks.
Immediate annuities are often selected by retirees who want steady income payments to start within a short amount of time. 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an immediate annuity is tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.
There are several companies out there that market immediate annuities, providing you with a lot of options. By working with Retirement Income Strategies, you’ll have access to many of these companies and have options available as you select a Fitchburg immediate annuity. Through this structure, we are better equipped to find an annuity that best fits your needs.
Find out more about immediate annuities by meeting with one of our experienced financial professionals in the Fitchburg area. After a simple conversation on your current finances and retirement goals, we will be able to figure out if an immediate annuity is a good choice for you. Please give us a call today to schedule your appointment.