Madison Immediate Annuities
Whether we like it or not, retirement is changing and will continue to change. While Social Security and pensions have been reliable options for retirement income, they are shifting to a point where they will only be supplemental or even non-existent. This means it is very important to prepare now for what will happen in retirement. For many people, an immediate annuity is a product that could help them accomplish this goal.
About Immediate Annuities
Before we can get into the specifics of this product, we need to talk about 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 person buying the annuity makes a lump sum payment to the company, who agrees to make regular 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. While deferred annuities don’t begin until a later date, immediate annuities can start immediately.
Immediate annuities are often selected by people who are looking for steady income payments and need them to start soon. Another attractive feature of these annuities is they feature tax-deferred growth, which means you do not have to pay taxes on this increase until the money is withdrawn.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 to you for Madison immediate annuities. This structure allows us to find an immediate annuity that will best meets your needs.
Talk to one of our knowledgeable financial professionals to learn more about Madison immediate annuities. We would love to talk about your financial situation and retirement goals to decide if one of these products would be a good fit for you. Call us now to set up your appointment.