Immediate Annuities in Metairie
Whether we like it or not, planning for retirement is changing and will continue to do so. While pensions used to be very common, they have become increasingly rare. This means it is very important to prepare now for what lies ahead in retirement. An immediate annuity is an insurance product that can help people accomplish this goal.
What Is An Immediate Annuity?
First of all, it’s necessary to understand annuities in general. An annuity is a financial product that functions as an agreement between a person and an insurance company. The individual makes a lump sum payment to the financial institution, who agrees to make regular payments back to the person throughout the life of the annuity. There are two basic types of annuities, deferred and immediate, that determine how these payouts occur. Deferred annuity payments occur at later time while immediate annuities can start payouts almost immediately.
For those in need of recurring income payments within a short amount of time, immediate annuities are a common selection. The growth of the funds placed within an immediate annuity is tax-deferred, which means you don’t have to pay taxes on this increase until the money is withdrawn.
Because there are numerous companies that sell them, there are several options when it comes to immediate annuities. By working with Gregory Ricks & Associates, you will have access to many of these companies and have options available to you for Metairie immediate annuities. Through this structure, we’re better equipped to find an annuity that meets your needs.
Want to learn more about immediate annuities? Talk to one of our experienced financial advisors in the Metairie area. After a simple conversation on your current finances and retirement goals, we will be able to determine if an immediate annuity is right for you. Give us a call today to set up your appointment.