Sun Prairie Immediate Annuities
Whether we like it or not, retirement is changing and will continue to change. While Social Security and pensions have been dependable options for retirement income, they have shifted to a point where they will only be available to some. This means it is very important to prepare now for what will happen in retirement. To reach this goal, many people have turned to immediate annuities.
About Immediate Annuities
First of all, it’s necessary to understand annuities in general. Annuities are financial products that function as an agreement between an individual and an insurance company. The annuity owner makes a lump sum payment to the company and the company agrees to make regular payments back to the owner at a predetermined time. There are two basic kinds of annuities, deferred and immediate, that determine how and when these payouts occur. While deferred annuities do not start until a later date, immediate annuities can start immediately.
Immediate annuities are often selected by people who want steady income payments to start within a short amount of time. 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is they feature tax-deferred growth, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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 a lot of different options when it comes to immediate annuities, which can make this choice difficult. To help you make an informed decision on immediate annuities, Retirement Income Strategies is independent, meaning it can provide you with access to products from several different companies. Because of this, we’re better equipped to find an annuity that meets your needs.
Meet with one of our experienced financial professionals to learn more about Sun Prairie immediate annuities. After a short conversation on your current finances and retirement goals, we will be able to determine if an immediate annuity is right for you. Call us now and set up your appointment.