As a part of your retirement strategy, a fixed annuity can assist you in accruing earnings that are tax-deferred. You can also have payments for your lifetime and ensure a death benefit for your beneficiaries. The insurance company backs the benefit with its continued ability to pay claims.
This option might be for you if you are in a high tax bracket and want to defer further income, or if you want to save more for retirement after reaching the limit on your other retirement accounts.
Annuities vary from other retirement savings plans because it is actually a deal between you and the insurance company. You pay a premium payment, or a few premium payments, and the insurance company gives you income in return. This usually applies during retirement. You can get a lump sum or dispersed payments.
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