Does the status of your finances lead to sleepless nights? Would you like to plan for your future to ensure your retirement is comfortable (or your childrens’ future is financially sound)?
The world of finance is quite complicated. Two of the most difficult choices to make are where to put your money and when to place it there. The objective of Gregory Ricks & Associates is to help people in Metairie with finding answers to these and other financial queries.
Many of our Metairie clients have seen great results from choosing to invest in annuities. But if you are like many people, you might not understand what annuities are or how to find one. Our team can teach you all about your annuity choices, without the need for complex jargon.
To help you get going, we’ve written some information below about a few types of annuities that you may come across.
Immediate annuities begin the payout stream to the owner soon after the contract is issued. They are designed for retirees and pre-retirees who are in need of steady income checks.
By choosing a fixed annuity, the annuity owner receives a set interest rate for a specific time frame. If someone is searching for an option that provides predictability, this may fit the bill.
Fixed Index Annuities
Fixed index annuities have a low guaranteed interest rate plus the potential for a higher interest rate based on an increase in value of the market index to which it’s linked. They also lock in gains, and can never lose those gains nor any principal, which protects owners from loss.
As you may have anticipated, there is a lot of variability with variable annuities. One difference is the death benefit that is part of variable annuities. If you pass away before the financial institution has made payments to you, your beneficiary will be given a specified amount.
Annuities and their Riders
Features from various types of annuities can be augmented with rider purchases to better fit your needs. The features of these annuities are not mutually exclusive. For example, fixed or index annuities can be immediate or deferred. For more information on these types of annuities, talk to your insurance-licensed professional.
Finding a Suitable Option For You
As you can see, annuities come in several “shapes and sizes”. Contacting a licensed Metairie, La insurance professional can be a good way to truly understand annuities, determine if one might fit into your retirement strategy, and, if so, find a suitable annuity and riders for you. By contacting us, you can schedule your first meeting with an insurance-licensed financial professional. Contact us now to get started!