Fixed annuities are income producing financial instruments purchased through a
life insurance company
or other financial organization.
You turn over a certain amount of money and in return the life insurance company pays you a guaranteed income beginning immediately or at a specific time in the future.
These annuities guarantee a minimum interest rate.
You can turn over this money to the insurance company in one lump sum or you may accumulate it over a period of years on a tax deferred basis. You pay the taxes when you receive the income.
Should such an annuity be part of an IRA or 401(k) plan you may qualify for tax relief on the amount contributed to the plan.
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As it is more than likely, if you receive this annuity payment at retirement, that the payment will be less than the income you earned before retirement the amount of income taxes payable would be at a lower rate.
Income derived from fixed annuities can be paid as follows...
Many of these plans restrict early withdrawal from your annuity fund during the accumulation years by charging a fee if you should do so. In the latter years, however, there is usually no charge. You also have to pay income taxes on any withdrawal made from your fixed annuities.
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