Verona 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 have shifted to a point where they will only be supplemental or even non-existent. Because of this, it’s important that people prepare now for their retirement years. An immediate annuity is a product that have helped people accomplish this goal.
About Immediate Annuities
Before we can explain the specifics of this product, we must first discuss annuities in general. Basically, an annuity is a financial product that is an agreement between an individual and an insurance company. The individual makes a lump sum payment to the financial institution, who makes regular payments back to the person throughout the life of the annuity. In respect to when these payments occur, there are two basic types of annuities: deferred and immediate. Deferred annuity payments commence at later date and time while immediate annuities can start payouts almost immediately.
Immediate annuities are typically chosen by people who are looking for steady income payments and need them to start soon. Another attractive feature of these annuities is they are tax-deferred, which means you don’t need to pay taxes on this increase until the money is withdrawn.
There are many companies out there that sell immediate annuities, providing you with a lot of options. To help you make a good decision on immediate annuities, Retirement Income Strategies is independent, meaning it will provide you with access to products from several different companies. Through this structure, we are better equipped to find an annuity that fits your needs.
Want to learn more about immediate annuities? Speak with one of our experienced financial professionals in the Verona area. We would love to discuss your financial and retirement goals to decide if one of these products would be a good fit for you. Give us a call today and set up your appointment.