An immediate annuity is funded with an initial lump sum of money that is turned into an ongoing, guaranteed stream of income which might consist of payments for a certain number of years or for the rest of your life. The payment term can be customized in numerous ways to fit your needs, generally starting within months after your purchase. This type of annuity offers financial security in the form of regular payments to support your current income.
Benefits of Immediate Annuities
Guaranteed and immediate income — You will receive guaranteed payments from the insurance company for at least five years or possibly your lifetime and payments can start within one month or can be delayed up to one year.
Payments remain consistent — Consistent payments allow you to cover core expenses in retirement.
Potential tax savings — Your investment will grow tax deferred until you take a withdrawal.
Payments can be set up for joint payments — Payouts can continue for as long as you and your spouse live
Schedule a Meeting to Learn More About Immediate Annuities
If you are looking to create income for your retirement years, contact Safe Harbor to learn more. We offer a complimentary consultation to review your existing retirement plans and can provide an investment strategy that will provide the money you need to live comfortably in your golden years. Contact our office or give us a call at (614) 760-0670 to schedule your initial consultation.
Annuities are designed to be long-term investments and frequently involve charges such as income and death benefit rider fees and surrender charges. Early withdrawals may impact annuity cash values and death benefits. Taxes are payable upon withdrawal of funds. An additional 10% IRS penalty may apply to withdrawals prior to age 59 1/2. Annuities are not guaranteed by FDIC or any other governmental agency and are not deposits or other obligations of or guaranteed or endorsed by any bank or savings association.