Immediate Annuities in Metairie
The products we rely on to plan for retirement have changed a lot over the years. While pensions used to be quite common, they have now become very rare. This means it’s very important to prepare now for what will happen in retirement. For many, immediate annuities are a product that could assist with accomplishing this goal.
What Is An Immediate Annuity?
First, let’s discuss a general definition of annuities. Annuities are financial products that function as an agreement between a person and a financial institution. On one side, the owner of the annuity 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 payouts occur, there are two basic types of annuities: deferred and immediate. Deferred annuity payments start at later date and time while immediate annuities can start payouts within a few weeks.
Immediate annuities are typically selected by people who are looking for steady income payments and need them to start soon. Another important feature of these annuities is they are tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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 many different options. 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. This structure allows us to select an immediate annuity that will best fit your needs.
Learn more about immediate annuities by talking to one of our experienced financial advisors in the Metairie area. After a short conversation on your current finances and retirement goals, we should be able to determine if an immediate annuity is right for you. Give us a call today and set up your appointment.