Sun Prairie Immediate Annuities
The products we rely on to plan for retirement have changed a lot over time. While Social Security and pensions have been reliable options for retirement income, they are shifting to a point where they will only be available to some. This is why it is important for people to prepare today for their future. For many people, immediate annuities are a product that can assist with accomplishing this goal.
About Immediate Annuities
Before we can get into the specifics of this product, we must first talk about annuities in general. Annuities are financial products that function as an agreement between a person 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. Relating to when these payouts occur, there are two basic types of annuities: deferred and immediate. While deferred annuities don’t begin until a later time, immediate annuities can start immediately.
Immediate annuities are often selected by those who are looking for steady income payments and need them to start soon. Another important feature of these annuities is they are tax-deferred, which means you don’t have to pay taxes on this increase until the money is withdrawn.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. The great thing about working with Retirement Income Strategies for your retirement planning is that we are able to work with several of these financial institutions to provide our Sun Prairie customers with options. Because of this, we are better equipped to find an annuity that meets your needs.
Meet with one of our experienced financial professionals to learn more about immediate annuities in Sun Prairie. 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. Give us a call now and schedule your appointment.