Verona Immediate Annuities
The products we rely on to plan for retirement have changed a lot over time. It’s quite difficult to rely on Social Security when its future is uncertain. This means it is very important to prepare now for what will occur in retirement. For many people, immediate annuities are a product that could assist with accomplishing this goal.
What Is An Immediate Annuity?
First, let’s discuss annuities in general. Basically, an annuity is a financial product that is an agreement between an individual and an insurance company. The person buying the annuity makes a lump sum payment to the company, who agrees to make payments back to the owner at a predetermined time. There are two basic types of annuities, deferred and immediate, that determine how and when these payouts occur. Deferred annuities include payouts that are pushed aside to a later time; the payouts of immediate annuities can start immediately.
For those looking for recurring income payments within a short amount of time, immediate annuities are a common selection. Another important feature of these annuities is they are tax-deferred, which means you do not have to pay taxes on this increase until the money is withdrawn.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 retirement planning is that we are able to work with several of these financial institutions to provide our Verona clients with options. Because of this, we are better equipped to find an annuity that meets your needs.
Learn more about immediate annuities by meeting with one of our experienced financial professionals in the Verona area. After a short conversation on your current finances and retirement goals, we should be able to figure out if an immediate annuity is right for you. Please give us a call now and schedule your appointment.