Annuities

Most people understand the importance of putting money into a 401K for their retirement, but what about annuities? Annuities can be financial staples in post-retirement life and can prevent you from outliving your income. Massey, Clark, Fischer is here to make it easy for you to get the right products to have a happy and stress free retirement.

What is an annuity?

An annuity is an insurance service provided to you to ensure that you will be financially stable throughout your retirement. Basically, an annuity is an insurance contract that you pay into while working in order to receive supplemental income to your retirement earnings after you retire. Annuties offer many income tax advantages as well as principal and retirement income guarantees that you cannot find anywhere else.

Types of Annuities

There are two basic types of annuities:

1. Deferred

A deferred annuity basically lets your money accumulate and then ultimately provides you with a retirement payout. Many people use deferred annuities as a long-term retirement plan. With a deferred annuity, you can make payments to it for a set period of time and then make withdrawals starting on the date defined by your policy. A deferred annuity can be at a fixed or variable rate also, and most importantly, these payments can be guaranteed!

2. Immediate

An immediate annuity lets you receive payments not long after you make your first “investment” into it. This is a good option for those who are of or close to retirement age and have found themselves financially in need of more income. Many people approach retirement and realize that their 401Ks and social security will not be enough to fund their lifestyles. Just because you are retired doesn’t mean you should have to live in poverty! Immediate annuities can also be at a fixed or variable rate also, and most importantly, these payments can be guaranteed!

Purchasing annuities can get confusing. Please contact Massey, Clark, Fischer today for any questions and concerns you have and for more information on annuities! We can also get you a free quote on annuity plans by simply filling out our online form!