Immediate Annuities in Metairie
Planning for retirement has changed dramatically over the years and will continue to do so. While Social Security and pensions have been dependable options for retirement income, they are shifting to a point where they will only be available to some. This means it’s very important to prepare now for what will happen in retirement. An immediate annuity is an insurance product that can help people accomplish this goal.
About Immediate Annuities
First, let’s discuss a general definition of annuities. An annuity is a financial product that functions as an agreement between a person and a financial institution. On one side, the annuity owner makes a lump sum payment to the company. On the other side, the company agrees to make regular payments back to the individual at a later time. In respect to when these payments happen, there are two basic kinds of annuities: deferred and immediate. While deferred annuities do not begin until a later time, immediate annuities can start immediately.
For those in need of recurring income payments within a short amount of time, immediate annuities can be a great choice. Another attractive feature of these annuities is they feature tax-deferred growth, which means you do not have to pay taxes on this increase until the money is withdrawn.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. To help you make an informed decision on Metairie immediate annuities, Gregory Ricks & Associates will provide you with access to products from several different companies. This allows us to find the immediate annuity that will best fit your needs.
Find out more about immediate annuities by meeting with one of our experienced financial advisors in the Metairie area. After a simple conversation on your current finances and retirement goals, we should be able to determine if an immediate annuity is right for you. Call us today and set up your appointment.