Immediate Annuities in Middleton
The products we rely on to plan for retirement have changed a lot over time. While pensions used to be very common, they have become increasingly rare. This is why it is important for people to prepare today for their retirement years. For many, an immediate annuity is a product that can assist with accomplishing this goal.
What Are Immediate Annuities?
First of all, it’s necessary to understand what annuities are. Basically, an annuity is a financial product that functions as an agreement between an individual and an insurance company. The annuity owner makes a lump sum payment to the company, who 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 annuity payments occur at later time while immediate annuities can start payouts almost immediately.
For those looking for recurring income payments within a short amount of time, immediate annuities can be a great choice. Another attractive feature of these annuities is they feature tax-deferred growth, which means you do not need to pay taxes on this increase until the money is withdrawn.
There are several companies out there that sell immediate annuities, providing you with a lot of options. By working with Retirement Income Strategies, you’ll gain access to many of these companies and have options available to you for Middleton immediate annuities. Because of this, we’re better equipped to find an annuity that meets your needs.
Learn more about immediate annuities by talking to one of our experienced financial professionals in the Middleton area. After a simple conversation on your current finances and retirement goals, we will be able to determine if an immediate annuity is right for you. Please give us a call now to schedule your appointment.