Middleton Immediate Annuities
The products we rely on to plan for retirement have changed a lot over time. The amount of pensions that are available is dwindling year after year and the future of Social Security is in doubt. This means it is very important to prepare now for what will happen in retirement. An immediate annuity is an insurance product that can help people accomplish this goal.
What Are Immediate Annuities?
Before we can explain the details of this product, we need to discuss annuities in general. At its base level, an annuity is a financial product that is an agreement between an individual and an insurance company. On one side, the annuity owner makes a lump sum payment to the company. On the other side, the company agrees to make regular payments back to the individual at a later time. There are two basic kinds of annuities, deferred and immediate, that determine how and when these payouts occur. While deferred annuities do not begin until a later time, 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. 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is they feature tax-deferred growth, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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 this choice difficult. To help you make a good decision on immediate annuities, Retirement Income Strategies is independent, meaning it can provide you with access to products from several different companies. Through this structure, we’re better equipped to find an annuity that best fits your needs.
Talk to one of our experienced financial professionals to learn more about Middleton immediate annuities. We would love to discuss your financial and retirement goals to determine if one of these products would be a good fit for you. Give us a call today and set up your appointment.