Don’t overlook annuities which have specific benefits that other investment vehicles don’t, such as the ability to defer taxes. Annuities can complement your current retirement income sources such as your pension plans and Social Security.
New York, NY (PRWEB) July 26, 2013
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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 a 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 their 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.
Deferred annuity is a product designed to provide income at some point in the future. One might purchase an annuity to provide income in retirement which might be up to 15 years down the road. Deferred annuities have two phases; an accumulation period and a payout period. While a client is in the accumulation period, their annuity is growing tax-deferred; they won’t pay taxes until they transition into the payout period and begin receiving income. Deferred annuities are funded with either a single premium or one might use a flexible premium annuity where they can deposit additional premiums whenever they like.
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