Immediate Annuities in Metairie
The products we rely on to plan for retirement have changed a lot over the years. The number of pensions that are available is dwindling year after year and the future of Social Security is up in the air. Because of this, it’s important that people prepare now for their future. An immediate annuity is a product that can help people accomplish this goal.
About Immediate Annuities
First, it’s important to understand annuities in general. At its base level, an annuity is a financial product that is an agreement between an individual and an insurance company. 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. Relating to when these payments occur, there are two basic types of annuities: deferred and immediate. While deferred annuities do not begin until a later time, immediate annuities can start immediately.
Immediate annuities are typically selected by those who want steady income payments and need them to start soon. The growth of the money placed within an immediate annuity is tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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 this choice difficult. To help you make a good decision on Metairie immediate annuities, Gregory Ricks & Associates can provide you with access to products from several different companies. This allows us to select the immediate annuity that will best meets your needs.
Want to learn more about immediate annuities? Talk to one of our experienced financial advisors in the area. After a short conversation on your current finances and retirement goals, we will be able to determine if an immediate annuity is a good choice for you. Please give us a call today to schedule your appointment.