Annuities

What is an Annuity Plan?

The goal of an annuity plan is for you to be able to comfortably meet your financial goals post-retirement. It is essentially a pension plan that helps you plan for a regular income for the rest of your life. In short, your money is invested, and you live on the returns generated from the investment. These investments are not designed for a risky “high investment return.”

Conventional annuity contracts provide a predictable, guaranteed stream of future income (e.g., for retirement) until the death(s) of the beneficiaries(s) named in the contract or, until a future termination date – whichever occurs first. These financial instruments have been used to accumulate funds and provide significant and sudden increases in personal income (via future, lump-sum withdrawals), all while legally avoiding the taxes (e.g., income-, capital gains-, estate-) that would otherwise be assessed on them. They are designed to make you comfortable post-retirement. Annuities are separated into two categories: Deferred and Immediate Annuities.

Deferred Annuity

The deferred annuity plan involves a one-time lump investment. You purchase this annuity plan and, after you retire, receive income as a monthly pension. You can choose exactly when you want to begin receiving this pension plan. For example, you can start receiving monthly returns from your investment once you retire or at a specific age.

Immediate Annuity

An immediate annuity plan is recommended to those who have recently retired and are interested in receiving their income immediately. You invest in a lump sum and receive a guaranteed payout for life. Your retirement planning consultant will help you determine which option is right for you.

Get Your Free Annuity Plan Quote

An immediate annuity plan is recommended to those who have recently retired and are interested in receiving their income immediately. You invest in a lump sum and receive a guaranteed payout for life. Your retirement planning consultant will help you determine which option is right for you.

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