Immediate Annuities in Metairie
No matter what we prefer, retirement planning is changing and will continue to do so. The amount of pensions is dwindling year after year and the future of Social Security is in doubt. Because of this, it’s important that people prepare now for their future. In order to achieve this goal, many have turned to immediate annuities.
About Immediate Annuities
First, let’s discuss annuities in general. At its base level, an annuity is a financial product that functions as an agreement between an individual and an insurance company. The individual makes a lump sum payment to an insurance company, who makes regular payments back to the person throughout the life of the annuity. There are two basic kinds of annuities, deferred and immediate, that determine how and when these payouts occur. Deferred annuity payments start at later time while immediate annuities can start payouts almost immediately.
For those looking for recurring income payments within a short amount of time, immediate annuities can be a great choice. Another great feature of these annuities is they are tax-deferred, which means you do not need to pay taxes on this increase until the money is withdrawn.
You have many different options when it comes to immediate annuities, which can make the decision difficult. To help you make an informed decision on Metairie immediate annuities, Gregory Ricks & Associates can provide you with access to products from several different companies. Because of this, we are better equipped to find an annuity that fits your needs.
Find out more about immediate annuities by meeting with one of our experienced financial advisors in the Metairie area. We would love to discuss your financial situation and retirement goals to determine if one of these products would be the right choice for you. Please call us now to set up your appointment.