Metairie Immediate Annuities
Whether we like it or not, planning for retirement is changing and will continue to change. While pensions used to be very common, they have become increasingly rare. Because of this, it’s important that people prepare today for their future. Immediate annuities are an insurance product that can help people accomplish this goal.
About Immediate Annuities
First of all, it’s important to understand annuities in general. An annuity is a financial product that functions as an agreement between an individual and an insurance company. The person agrees to make 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 types of annuities, deferred and immediate, that determine how and when these payouts occur. Deferred annuity payments start at later date while immediate annuities can start payouts almost immediately.
Immediate annuities are typically chosen by people who are looking for steady income payments to start within a short amount of time. Immediate annuities are tax-deferred, which means you don’t have to pay taxes on this increase until the money is withdrawn.
Because there are many companies that sell them, there are several options when it comes to immediate annuities. 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. Through this structure, we’re better equipped to find an annuity that best fits your needs.
Want to learn more about Metairie immediate annuities? Talk to one of our knowledgeable financial advisors. After a simple conversation on your current finances and retirement goals, we will be able to figure out if an immediate annuity is a good choice for you. Please call us today to set up your appointment.