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People are living longer and that means more time and savings will be spent in retirement. If you need a tax-deferred product to provide a guaranteed1 stream of income for life or a specified number of years, it might be worth considering a fixed annuity. An annuity is a contract between an insurance company and an annuity owner. In exchange for a purchase payment, or series of payments, the insurance company guarantees1 to pay a stream of income in the future.
There are two types of annuities—Immediate and Deferred.
An immediate annuity is usually purchased with a single premium and begins a stream of income within the first 12 months from the date of issue. You decide when payments will begin within that period and how long to receive income.
A deferred annuity is specifically designed to help accumulate assets for retirement. It also offers the ability to turn those assets into a guaranteed stream of income at some point in the future. You decide when payments begin and how long to receive income.
1 Guarantees are based on the claims-paying ability of the issuing company.
Annuities do not provide any additional tax advantage when used to fund a qualified plan. You should consider buying an annuity to fund a qualified plan for the annuity's additional features, such as lifetime income payments and death benefit protection.