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What are Fixed Annuities?
When you purchase a fixed annuity from an insurance company, they promise to pay a set interest rate on your money, for a set number of years. Your savings grow at this fixed rate over time.
Your original money is protected from loss and you don't pay taxes on interest until you withdraw it. The length of the annuity contract is up to you. At the end, you can receive payments or take a lump sum.
(Editor's Note: A fixed annuity is also called a multi-year guaranteed annuity.)
- Pre-Retirees: People within 5 years of retirement that want a safe place to grow savings.
- Conservative Investors: People who prefer guaranteed returns over risky investments.
- Maxed-Out Retirement Savers: People who have maxed out their 401(k) and IRA contributions and want additional tax-deferred options.
- and many more...
- Competitive Rates: Annuities may offer better interest rates than CDs or savings accounts.
- Safety: Your initial investment is protected from market losses.
- Tax-Deferred Growth: You don't pay taxes on the interest until you withdraw the money.
What are Fixed Indexed Annuities?
When you purchase a fixed indexed annuity, your earnings are tied to a stock market index, like the S&P 500. But, your initial investment is safe from stock market declines.
When the index goes up, you earn interest. If the index goes down, you don't lose money.
There may be a minimum and maximum interest you can earn. Early withdrawals might come with penalties.
- Beginner Investors: People who are new to stock market investing but want higher returns than fixed rates.
- Inflation Experts: People interested in tax-deferred growth that outpaces inflation rates.
- Bonus Seekers: People who want upfront cash bonuses to boost their savings.
- and many more...
- Growth Potential: Earnings are linked to a market index, like the S&P 500.
- Savings Protection: Your original investment is safe even if the market goes down.
- Guaranteed Minimum Return: You'll earn a minimum interest rate no matter what.
What are Income Annuities?
When you purchase an income annuity you pay a lump sum to an insurance company. Then, they start sending you monthly payments either right away (immediate annuity) or at a later date (deferred annuity).
An income annuity is an easy way to turn savings into steady income.
You choose how long payments last—often for life. You can even choose plans that provide payments to a spouse, after you're gone.
- Early Retirees: People retiring before they can access Social Security benefits and need income now.
- Real Estate Sellers: People who sold property or a business and want a consistent income source.
- Inheritance Recipients: People who inherited money and prefer regular income over a lump sum.
- and many more...
- Immediate Income: Payments can start right away, usually within a month.
- Guaranteed Payments: Receive a steady income for life or a set period.
- Simplicity: Set it up once, and the payments come automatically.
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Frequently Asked Questions
What is an annuity and how does it work?
An annuity is a financial product you buy from an insurance company.
You pay money to the insurance company, either all at once or over time. In return, they promise to send you monthly payments in the future.
This can provide a steady income stream during your retirement.
What are the different types of annuities?
Fixed Annuities: You earn a set amount of interest over 3 to 10 years. The rate does not change.
Variable Annuities: Your payments can go up or down based on how investments perform.
Immediate Annuities: Payments to you start right away.
Deferred Annuities: Payments begin at a later date you choose.
Are annuities safe investments?
An annuity is a contract with an insurance company and not an investment vehicle. Fixed annuities are generally "safe" from market declines because they offer guaranteed payments.
However, the safety ultimately depends on the insurance company's strength. So it's important to choose a company with a good reputation.
How do annuities affect my taxes?
Money in an annuity grows tax-deferred, meaning you don't pay taxes on it until you take it out.
When you receive payments, the earnings part is taxed as regular income. This can affect your tax bill, so it's wise to talk to a tax advisor.
Can I get my money back if I need it in an emergency?
Some annuities let you withdraw money, but there might be fees or penalties, especially if you take it out early. This is called a surrender charge.
Be sure to read the terms carefully to understand the rules about taking out money from an annuity.
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