Immediate Annuities in Metairie
The products we rely on to plan for retirement have changed a lot over time. It is quite difficult to depend on Social Security when its future is uncertain. This means it’s very important to prepare now for what lies ahead in retirement. For many people, immediate annuities are a product that may assist with accomplishing this goal.
About Immediate Annuities
First of all, 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 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. 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 and time while immediate annuities can start payouts almost immediately.
Immediate annuities are typically chosen by those who are looking for 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an immediate annuity is tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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 a lot of different options when it comes to immediate annuities, which can make this choice difficult. By working with Gregory Ricks & Associates, you will gain access to many of these companies and have options available to you for Metairie immediate annuities. This allows us to select an immediate annuity that will best meets your needs.
Want to learn more about Metairie immediate annuities? Talk to one of our experienced financial advisors. We would love to talk about your financial and retirement goals to decide if one of these products would be the right choice for you. Please call us today to set up your appointment.