Metairie Immediate Annuities
Retirement planning has changed dramatically throughout the years and will continue to do so. While pensions used to be very common, they have now become very rare. Because of this, it’s important that people prepare now for their future. For many, an immediate annuity is a product that may help them accomplish this goal.
What Is An Immediate Annuity?
Before we can get into the specifics of this product, we need to talk about annuities in general. Annuities are financial products that function as an agreement between a person and an insurance company. The individual makes a lump sum payment to an insurance company, 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 and when these payouts occur. Deferred annuities feature payouts that are pushed aside to a later time; the payouts of immediate annuities can start 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 money placed within an immediate annuity is tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.
You have a lot of different options when it comes to immediate annuities, which can make this choice difficult. By working with Gregory Ricks & Associates, you will gain access to many of these companies and have options available to you for Metairie immediate annuities. Because of this, we are better equipped to find an annuity that fits your needs.
Want to learn more about immediate annuities in Metairie? Meet with one of our experienced financial advisors. We would love to talk about your financial situation and retirement goals to decide if one of these products would be the right choice for you. Please give us a call now and schedule your appointment.