Metairie Immediate Annuities
Retirement planning has changed a lot throughout the years and will continue to do so. It is quite difficult to rely on Social Security when its future is in doubt. Because of this, it’s important that people prepare today for their retirement years. For many, immediate annuities are a product that may help them accomplish this goal.
About Immediate Annuities
Before we can get into the details of this product, we must first discuss annuities in general. Basically, an annuity is a financial product that is an agreement between an individual and an insurance company. The person agrees to make a lump sum payment to the financial institution, who makes regular payments back to the person at a predetermined time. There are two basic kinds of annuities, deferred and immediate, that determine how these payouts occur. While deferred annuities do not begin until a later time, immediate annuities can start immediately.
For those in need of steady income payments within a short amount of time, immediate annuities can be a great choice. 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an immediate annuity is tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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 the decision difficult. By working with Gregory Ricks & Associates, you will gain access to many of these companies and have options available as you select a Metairie immediate annuity. This allows us to find the immediate annuity that will best fit your needs.
Want to learn more about immediate annuities in Metairie? Meet with one of our knowledgeable financial advisors. After a short conversation on your current finances and retirement goals, we should be able to figure out if an immediate annuity is a good choice for you. Please give us a call now to schedule your appointment.