Immediate Annuities in Madison
Planning for retirement has changed a lot throughout the years and will continue to do so. It is quite difficult to depend on Social Security when its future is in doubt. This means it is very important to prepare now for what lies ahead in retirement. In order to achieve this goal, many have chosen immediate annuities.
About Immediate Annuities
First of all, it’s important to understand what annuities are. Annuities are financial products that function as an agreement between a person and an insurance company. The person buying the annuity 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 and when these payouts occur. Deferred annuities include payouts that are pushed aside to a later date; the payouts of immediate annuities can start immediately.
For those in need of regular income payments within a short amount of time, immediate annuities can be a great choice. Immediate annuities are tax-deferred, which means you don’t have to pay taxes on this increase until the money is withdrawn.
Because there are numerous companies that sell them, there are a lot of options when it comes to immediate annuities. By working with Retirement Income Strategies, you will gain access to many of these companies and have options available to you for Madison immediate annuities. Through this structure, we’re better equipped to find an annuity that fits your needs.
Ready to learn more about immediate annuities? Meet with one of our experienced financial professionals in the Madison area. We would love to discuss your financial situation and retirement goals to decide if one of these products would be a good fit for you. Give us a call now and set up your appointment.