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What is an annuity?

An annuity is a financial agreement with an insurance company, involving either a lump-sum payment or regular installments. In return, you receive guaranteed periodic payments, starting either immediately or in the future. This provides a dependable income stream for retirement, ensuring financial security. Learn how annuities can be customized to support your long-term retirement goals.

How Annuities Works

An annuity is a financial product that provides a reliable income stream, primarily used for retirement planning. It works by converting a lump sum or series of payments into a steady cash flow. Here’s a breakdown of how annuities function:

  1. Initial Investment: You start by either making a single lump-sum payment or a series of payments over time to the insurance company.
  2. Accumulation Phase: If you opt for deferred payments, your money grows during the accumulation phase. This period involves the initial investment accruing interest, typically at a rate specified in your annuity contract.
  3. Distribution Phase: When the agreed-upon time comes, usually after retirement, the annuity enters the distribution phase. Here, the insurance company begins making regular payments to you. These payments can be set for a specific period or for the rest of your life, depending on the type of annuity.
  4. Types of Annuities: There are various annuities to choose from:
    • Fixed Annuities: Offer a guaranteed payout, with a fixed interest rate.
    • Variable Annuities: Allow investment in different securities, with payouts depending on investment performance.
    • Indexed Annuities: Tie your returns to a market index, offering a blend of security and growth potential.
  5. Benefits: The main benefits of annuities include tax-deferred growth, a predictable income stream in retirement, and options for a death benefit for beneficiaries.
Unleash Your Financial Growth
Unlock your financial potential with annuities and experience the following advantages:

Guaranteed Income Stream:

One of the most significant advantages of an annuity is the guarantee of a steady income stream. This can be for a set number of years or for the rest of your life, providing financial stability and peace of mind in retirement.

Tax-Deferred Growth:

With annuities, your investment grows tax-deferred, meaning you don't pay taxes on the earnings until you start receiving payments. This can result in a larger accumulation of funds over time, compared to taxable investments.

Flexibility and Customization:

Annuities come in various forms, including fixed, variable, and indexed, allowing customization based on your risk tolerance and financial goals. Some annuities also offer add-ons like death benefits, income riders, or inflation protection, further tailoring them to your specific needs.

Get Started Today

Don't let your financial growth remain untapped. Discover the power of Annuities and embrace a future filled with financial security and limitless potential. Connect with one of our expert advisors today to get started on your journey towards a brighter financial future.

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