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What are annuities?
Annuities are financial products that provide a steady stream of income over a specified period or for the lifetime of the annuity holder. They are often used as a retirement planning tool to ensure a consistent income flow after one stops working. Annuities are typically purchased from an insurance company, which guarantees the payments based on the terms of the annuity contract.
What are the benefits?
One of the main advantages of annuities is their ability to provide a reliable and predictable income stream. Depending on the type of annuity chosen, payments can be received on a monthly, quarterly, or annual basis. This can be especially beneficial for retirees who want to supplement their retirement income or for individuals seeking a way to ensure a stable income throughout their lifetime.
Annuities also offer potential tax advantages. When funds are invested in an annuity, they can grow on a tax-deferred basis. This means that the investment earnings within the annuity are not subject to taxes until withdrawals are made. This tax-deferred growth can help individuals accumulate more funds over time. However, it’s important to note that when withdrawals are made from an annuity, they may be subject to income taxes. It’s advisable to consult with a financial advisor to fully understand the tax implications of annuities based on individual circumstances. Ready to get started? for a custom quote today.