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At Peritia Advisors, our mission is to provide you with insurance that keeps you healthy and happy, no matter what your situation. Get in touch with us with any Medicare questions you may have.
If you’re in the process of planning for retirement, then you may understand just how overwhelming it can be to think about all your financial options. Being sure that you’re aware of all your choices is important, however, so that you can know you’re on the right track and choosing an option that makes the most sense for your situation.
Let’s discuss what annuities are, as well as if an annuity could be the right choice for your future planning. As always, we’re here to answer any questions that you may have and provide you with more information about planning for the future.
Annuities are a specific type of investment. Individuals pay money into their annuity and then at a certain point in the future, they begin receiving cash from their annuity. This allows individuals to know that they’re going to have income in the future. Plus, they’ll be able to plan out how they’ll spend their income because they’ll know exactly how much money they’ll be receiving monthly.
Annuities are most popular for individuals in retirement, as they wouldn’t have steady income otherwise. If you’re wanting to be able to rely on a certain amount of income each month during retirement, then an annuity could be the right choice for you.
Did you know that there are different types of annuities? Some annuities are immediate, which means the individual pays a lump sum and then automatically begins receiving payments immediately. Other annuities are deferred, so the individual will begin receiving payments at a predetermined time in the future.
The other option when it comes to an annuity is a fixed or variable annuity. A fixed annuity will provide a reliable amount of money, while a variable annuity will provide different amounts of income depending on how the investments in the annuity portfolio perform.
If you’re currently looking into your retirement options, then an annuity might be the right choice for you. They’re a great way to make sure that you have reliable income, but there could be some variability depending on the type of annuity that you choose. Many people choose annuities because they want to be able to plan out their income in the future and make sure that they’ll have cash available during retirement. While there are some criticisms against annuities, they can be a great option for planning out finances during retirement.
Some people are curious about the tax implications of annuities. Annuities are tax-deferred, which means that you probably won’t have to pay taxes on your annuity until you begin withdrawing from it. Even in that case, you’ll only pay taxes on earnings.
If you’re ready to discuss whether or not an annuity might be the right choice for you, we’d love to help. We’re here to answer any questions you may have and make sure that you’re on the right track. Consider booking an appointment today to speak with an experienced member of our staff about all of your different annuity options.