Annuities are typically purchased to provide a stream of guaranteed income today or in the future.  Often they are purchased to supplement retirement income and/or social security benefits.

There are two different forms of annuities:

• Immediate – provides income payments that normally begin within a year after the premium is paid.
• Deferred – provides income payments that begin later, often after many years. Deferred annuities are designed for long-term savings purposes.

Benefits of annuities

• Annuities are the only financial tool that can guarantee a stream of income that you cannot outlive.
• Tax-Deferred Savings – interest earned is tax deferred until received
• Death proceeds are paid directly to your named beneficiary – privately and outside of probate.

There are different types of deferred annuities to meet different risk tolerances.  You can purchase a guaranteed interest rate annuity or you can have your interest rate tied to a major index.

When you decide to take income from your annuity, you can receive the income based on your life only or on a joint basis with you and your spouse.  You can also elect to have income paid for a specified period of time.

If you are looking to set money aside and earn a guaranteed interest rate tax-deferred you may want to consider an annuity.

If you are looking to create a steady guaranteed income from savings that you already have – you may want to consider an annuity.

We can help you determine if an annuity is right for you.