Many people turn to annuities to help provide additional retirement income. After maximizing the amounts you are allowed to put into your 401(k), 403(b), SEP and IRA(or Roth IRA) you may consider investing in such plans. There is no limit to the amount of money you can invest in these plans. What really are they, and how do they work?
These investment plans are sold mainly by
life insurance companies.
You give them a certain amount of money, either in one lump sum or in
multiple installments, then at a predetermined time they pay you an
income. This income may be paid to you monthly, quarterly, half yearly
or yearly. The two basic types of plans are Fixed and Variable.
A regular agents license is required to sell fixed annuities but an N.A.S.D license is required variable products.
There are many options to choose from. Here are some of the finest available plans. Compare Plans!
Fixed plans are bought for specific periods of time, for example 5 years or 10 tears, and they earn guaranteed rates of interest. Your money is accumulated tax deferred, but is taxed as income when you receive it. The insurance company guarantees that you never receive less than your principal.
You may decide to fund your plan over a period of years. Your installments may be fixed or flexible. you can decide to put predetermined amounts into your plan each month or put the money in whenever you feel like it. Your money is accumulated income tax deferred. Upon receipt of your income or lump sum, say at retirement, you pay the taxes. Unlike IRA's you can put as much money as you desire into the plan.
Recently got a lump sum in cash? It is usually best to take it in the form of an Income that you cannot outlive. Don't you agree? Compare Plans!
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Retirement planning is one of those things that we must do long before we get to retirement time.
Life insurance should be seen as an instrument to provide an income for your family.
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