Immediate Annuities in Verona
The products we rely on to plan for retirement have changed a lot over time. The amount of pensions that are available is dwindling year after year and the future of Social Security is up in the air. This is why it is important for people to prepare now for their future. Immediate annuities are an insurance product that have helped people accomplish this goal.
What Is An Immediate Annuity?
Before we can explain the details of this product, we must first talk about annuities in general. Annuities are financial products that function 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 time; the payouts of immediate annuities can start immediately.
For those looking for regular income payments within a short amount of time, immediate annuities are a common selection. Immediate annuities are tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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 the decision difficult. By working with Retirement Income Strategies, you will gain access to many of these companies and have options available as you select a Verona immediate annuity. Because of this, we’re better equipped to find an annuity that meets your needs.
Talk to one of our knowledgeable financial professionals to learn more about Verona immediate annuities. After a short conversation on your current finances and retirement goals, we should be able to determine if an immediate annuity is right for you. Call us today and set up your appointment.