Immediate Annuities in Middleton
The products we rely on to plan for retirement have changed a lot over time. It is quite difficult to depend on Social Security when its future is in doubt. Because of this, it’s important that people prepare today for their retirement years. For many people, immediate annuities are a product that could help them accomplish this goal.
About Immediate Annuities
First of all, it’s important to understand annuities in general. At its base level, an annuity is a financial product that functions as 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. Deferred annuities feature payouts that are pushed aside to a later date; the payouts of immediate annuities can start immediately.
For those in need of recurring income payments within a short amount of time, immediate annuities are a common selection. Immediate annuities feature tax-deferred growth, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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. This structure allows us to find an immediate annuity that will best fit your needs.
Want to learn more about Middleton immediate annuities? Talk to one of our experienced financial professionals. After a simple conversation on your current finances and retirement goals, we will be able to determine if an immediate annuity is a good choice for you. Give us a call now and schedule your appointment.