Fixed and variable deferred annuities, also known as accumulation annuities, can help you retire worry free by letting you save money to use down the road, tax deferred, like with an IRA or 401(k).
Whatever you dream of when it comes to retirement, making sure you'll have the money to make it happen is an important part of your financial plan. These days, fewer and fewer companies are offering pensions, and the future of Social Security is uncertain. So now, more than ever, people have to rely on themselves to plan for their finances in retirement. A fixed or variable deferred annuity can be a smart way to keep your retirement goals on track by letting you save and grow your money, tax deferred, over and above what you can save by maxing out your contributions to your 401(k) or IRA.
Like with all financial products, annuities do come with some costs. But there are also some big benefits. Depending on the type of annuity you purchase, you can have tax deferment, a minimum death benefit, and/or guaranteed income for life.
Many fixed and variable annuities come with a death benefit feature to make sure your loved ones will get back at least what you've put into your annuity if you pass away before your income payments start.
A fixed or variable annuity can be a great way to save money for the future and let it grow, tax deferred. With a fixed annuity, you can get guaranteed growth. With a variable annuity, you can invest your savings. Either is a great option when it comes to rolling over a workplace retirement plan or if you've maxed out your 401(k) or IRA contributions.
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