Metairie Immediate Annuities
Planning for retirement has changed dramatically over the years and will continue to do so. While pensions used to be quite common, they have become increasingly rare. This means it is very important to prepare now for what will occur in retirement. For many, an immediate annuity is a product that could help them accomplish this goal.
What Is An Immediate Annuity?
First, it’s important to understand what annuities are. An annuity is a financial product that functions as an agreement between a person and an insurance company. The individual makes 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 kinds of annuities, deferred and immediate, that determine how and when these payouts occur. Deferred annuity payments start at later time while immediate annuities can start payouts within a few weeks.
Immediate annuities are often selected by retirees who are looking for steady income payments to start within a short amount of time. The growth of the funds 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an immediate annuity is tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.
There are several companies out there that market immediate annuities, providing you with a lot of options. 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 structure allows us to find the immediate annuity that will best fit 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 determine if an immediate annuity is right for you. Call us today and schedule your appointment.