Annuities can complement your current retirement income sources such as your pension plans and Social Security.
New York, NY (PRWEB) February 16, 2013
Resource4Retirement was awarded the "Best of the Best" designation for excellence by Follow Media Consulting, Inc. in the category of Annuities Life. This award signifies the continued commitment and dedication of the areas best in life insurance annuity.
As described by Wikipedia, a life annuity is a financial contract in the form of an insurance product according to which a seller (issuer) — typically a financial institution such as a life insurance company — makes a series of future payments to a buyer (annuitant) in exchange for the immediate payment of a lump sum (single-payment annuity) or a series of regular payments (regular-payment annuity), prior to the onset of the annuity.
Annuities are one of the most debated products in the financial services industry. Many experts like them and many don’t. This is in part due to the fact that many people don’t fully understand them.
First off, an annuity is a contract between the client and the insurance company. In return for a deposit, or premium, the insurance company promises to provide certain benefits. Like most things in today’s world, clients can customize a contract to fit specific needs. And if one is maxed out on qualified plans or need to catch up on retirement, annuities can be a great way to accomplish goals.
When it comes to annuities, clients have two choices for receiving income: immediate or deferred annuities. One can begin to receive payments now with an immediate annuity or one can begin receiving payments later with a deferred annuity.
The closer one gets to retirement, one may want choose safe money options such as CDs, a money market account or U.S. Treasuries. However, don’t overlook annuities which have specific benefits that other investment vehicles don’t, such as the ability to defer taxes. Annuities can complement current retirement income sources such as pension plans and Social Security.
To learn more about Resource4Retirement's financial advice and services call at 855-371-0328 or visit their website at http://resource4retirement.com/.
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