Immediate Annuities in Verona
The products we rely on to plan for retirement have changed a lot over the years. While pensions and Social Security have been dependable options for retirement income, they are shifting to a point where they will only be supplemental or even non-existent. This is why it is important for people to prepare now for their retirement future. Immediate annuities are a product that have helped people accomplish this goal.
About Immediate Annuities
First, let’s discuss a general definition of annuities. An annuity is a financial product that functions as an agreement between an individual and a financial institution. 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. While deferred annuities do not begin until a later date, immediate annuities can start immediately.
For those looking for recurring income payments within a short amount of time, immediate annuities can be a great choice. Immediate annuities are tax-deferred, which means you do not have to pay taxes on this increase until the money is withdrawn.
Because there are many companies that sell them, there are several options when it comes to immediate annuities. A great thing about choosing Retirement Income Strategies for your retirement planning is that we are able to work with many of these financial institutions to provide our Verona customers with options. This allows us to find an immediate annuity that will best meets your needs.
Meet with one of our experienced financial professionals to learn more about immediate annuities in Verona. After a simple 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 today and set up your appointment.