Immediate Annuities in Metairie
Retirement planning has changed a lot over the years and will continue to do so. The number of pensions is dwindling each year and the future of Social Security is up in the air. This is why it is important for people to prepare today for their retirement years. An immediate annuity is an insurance product that have helped people accomplish this goal.
What Is An Immediate Annuity?
First of all, it’s important to understand what annuities are. At its base level, an annuity is a financial product that is an agreement between a person and an insurance company. The annuity owner makes a lump sum payment to the company, who agrees to make regular payments back to the owner at a later time. In respect to when these payouts occur, there are two basic types of annuities: deferred and immediate. Deferred annuities include payouts that are pushed aside to a later time; the payouts of immediate annuities can start immediately.
Immediate annuities are often selected by people who want steady income payments to start within a short amount of time. Immediate annuities are tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.
There are many companies out there that market immediate annuities, providing you with a lot of options. A great thing about choosing Gregory Ricks & Associates for wealth management is that we are able to work with many of these financial institutions to provide our Metairie clients with options. Because of this, we are better equipped to find an annuity that best fits your needs.
Want to learn more about immediate annuities in Metairie? Talk to one of our knowledgeable financial advisors. We will be happy to discuss your financial situation and retirement goals to determine if one of these products would be a good fit for you. Call us today and set up your appointment.