Verona Immediate Annuities
Retirement planning has changed a lot over the years and will continue to do so. While pensions used to be quite common, they have now become very rare. This means it is very important to prepare now for what will happen in retirement. In order to reach this goal, many people have chosen immediate annuities.
About Immediate Annuities
First, it’s necessary 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. 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. There are two basic types of annuities, deferred and immediate, that determine how these payouts occur. Deferred annuities include payouts that are pushed aside to a later time; the payouts of immediate annuities can start immediately.
Immediate annuities are typically selected by retirees who are looking for steady income payments and need them to start soon. Another great feature of these annuities is they feature tax-deferred growth, which means you don’t need to pay taxes on this increase until the money is withdrawn.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 the decision difficult. A great thing about choosing Retirement Income Strategies for your wealth management is that we are able to work with many of these financial institutions to provide our Verona clients with options. This allows us to find an immediate annuity that will best meets your needs.
Want to learn more about Verona immediate annuities? Speak with one of our knowledgeable financial professionals. After a short conversation on your current finances and retirement goals, we will be able to determine if an immediate annuity is a good choice for you. Please call us today to schedule your appointment.