Guaranteed Income for Life
Protect Your Retirement Income With Guaranteed Income Annuities
There are several benefits to annuities. One main advantage of guaranteed* income annuities is that they can provide income for life. Fixed indexed annuities (FIAs) are insurance contracts that guard against the risk of losing money in the market. FIAs also offer the possibility to earn interest based on the performance of an index or indices that you choose. Furthermore, you have the option of allocating some or all of your money to a fixed-rate strategy that earns a guaranteed interest rate. When the time is right you can start to receive income payments. When you delay withdrawals, however, your income payments increase.
*Insurance policies are backed by the claim-paying ability of the insurance carrier.
Flexible Options for Income for Life
A fixed index annuity has a few additional benefits that are worth considering. An array of guarantees and optional protection benefits is available to you. The risk is assumed by the insurer that issued the FIA. This is an excellent way to protect both your retirement assets and income.
A fixed index annuity (FIA) grows over five to ten years. No surrender fee will apply if you follow the terms of the contract. Your contract’s interest credit will remain secure during the accumulation phase. It may also be possible to extend this phase of growth to boost earnings.
How Much Can I Withdraw?
Fixed index annuities give you control over your retirement income. Your money grows when you are in the accumulation stage. Your income payments will be available to you immediately following the waiting period. The contract value can provide you with a stream of income for life and perhaps longer. Annuity payouts are determined by the value of your contract when withdrawals begin. In your contract, you’ll also find a payout schedule.
When Can I Receive My Money?
An annuity payment can be received in two different ways: as an annuitization payment or as an income withdrawal. Different types of payments are taxed differently. The payments from annuitizations are usually made annually and are partially tax-deferred The annuity may be refunded in some cases. If you earn interest, the other part may be taxable. The alternative is to withdraw your income and pay tax on it. Consult a tax adviser before making a decision.
Benefits After Your Lifetime
A fixed annuity is payable to a beneficiary in the event of your death. Additionally, some types offer your loved ones a death benefit after income payments are made. In addition to receiving the money, your beneficiary may also receive a lump sum. Fixed index products are available to people who do not expect to access annuity income.
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Access Your Money When You Need It
Due to their flexibility and options, FIAs are an appealing option for many retirees. An FIA also allows you to secure your retirement future through its protection features. Additionally, your loved ones can receive your death benefit without going through probate court. Our team can walk you through your options for a guaranteed lifetime income annuity that’s suitable for you.