Invest in Annuities for Your Golden Years
You work hard and expect to benefit from the fruits of all those years of labor. Planning for retirement is critical to funding your golden years. Investing in the right type of annuity is one way to ensure you have a steady income stream for the remainder of your life. If you want to guarantee you will outlive your money, consider an annuity as part of your retirement portfolio.
If you are ready to take advantage of a steady stream of payments, we can help. Discuss your options with a knowledgeable insurance agent at The Nowell Agency. We consider your specific retirement needs and desires, to offer you the best options for your retirement plans.
How an Annuity Works to Give You Guaranteed Income
An annuity is an insurance product where you give a lump sum of money to an insurance company to receive a fixed monthly income for the duration of your life or a specific number of years. In exchange for surrendering future access to your principal, you receive a guaranteed, stable annuity income. The reliable income is well worth the trade.
As with any retirement vehicle, taxes and penalties apply. It is possible that you may face an early withdrawal penalty if you want to take money out before you are 59 ½ years old. Additionally, annuities are taxed based on the type of asset you use to purchase it. Your tax advisor can help you understand how an annuity can affect your particular situation.
Different Payment Options for Your Retirement Income
While you may be able to begin receiving payments as early as 30 days from purchase, it may make more sense to defer payments. Additional payment options you may consider:
- Delaying payment for many years. This may allow you to invest less money now but still secure an income for later.
- Duration of payments. You may be able to choose from receiving income for the length of your life, your spouse’s life, or a specific number of years.
- Cost of inflation. You may consider whether you want your income payments to increase to match inflation.
- What to do with your guaranteed payments when you die. It may be possible to have those payments go to your beneficiaries, or they may be able to receive a refund of your annuity purchase.
Our team at The Nowell Agency will discuss all your payment options and choices in detail with you. We are happy to answer your questions and concerns.
Guaranteed Income for Life from a Trusted Agency
At The Nowell Agency, we understand the importance of preparing for retirement. We work with several insurance companies to find you the retirement vehicles for your needs. We have the experience and knowledge you can trust to help you. One of our team members will be happy to create a customized retirement plan to suit your goals.