Funding Your Future with Annuities
When it comes to filling the gaps of your retirement income, an annuity can help. Designed to pay a steady stream of income in your retirement years, annuities come in three forms:
- Fixed Annuities: Offer a fixed interest rate ensuring your balance will grow at a steady rate.
- Variable Annuities: Let you choose where to put your money from a selection of investment accounts. Performance is based on success of the investments you choose making these a more high-risk, high reward investment.
- Indexed Annuities: Are often considered the best of both worlds, taking advantage of potential gains in the market while protecting you from loss with a guaranteed minimum interest rate.
You can begin to receive annuity payments upon reaching age 59 ½ (any earlier and you’ll be charged penalties). It’s up to you how you’ll be paid – one lump sum, annually, quarterly, etc. – and you can also decide how long you’ll receive payment with options ranging from one-time to a lifetime.
Annuities are often just one component of a retirement strategy that could include Social Security, 401(k) plans and/or IRAs. Your Bennett & Porter advisor can be a valuable resource when it comes to choosing an annuity as part of your overall strategy.
Whether you reside here in Scottsdale, Arizona or anywhere else in the country, our Certified Financial Planners are ready to assist you. Please give us a call today at Bennett and Porter — one of our professionals will be happy to answer your questions regarding the different annuities options.
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