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What is an Annuity?

An annuity is a unique financial vehicle designed to help people either accumulate money for their retirement as in the case of an “investment annuity,” or turn their retirement savings into income, generally referred to as an “income annuity.” There are two types of investment annuities that may help individuals save for retirement: fixed and variable. Fixed and variable annuities offer tax deferral, a death benefit for loved ones, and the option to receive income for life in addition to other features and benefits that are specific to each. Note that tax-qualified plans already provide tax deferral so an annuity does not provide any additional tax benefits. Keep in mind that since they offer insurance and investment features, annuities may be subject to additional fees to which other tax-qualified plan funding vehicles may not be subject. All guarantees, including death benefit payments, are dependent on the claims paying ability of the insurance company selected.

Fixed Annuity

A fixed annuity is a product that is designed to help you accumulate funds for your retirement. The money in your annuity earns a guaranteed fixed rate of interest and your money accumulates on a tax-deferred basis, meaning you do not pay taxes on your earnings until you actually withdraw them from your policy. Withdrawals are subject to ordinary income tax, and if they are taken before 59½, an additional 10% IRS penalty may apply (the penalty tax is increased to 25% in the case of distribution from a SIMPLE IRA within the first two years of your participation in the SIMPLE IRA plan.)

 

 General information regarding our fixed annuities may be found in our complete selection of insurance companies'  Fixed Annuity brochures and our insurance companies' Fixed Annuity Product Comparison Cards.