Immediate Annuities in Kenner
Retirement planning has changed dramatically throughout the years and will continue to do so. While pensions and Social Security have been dependable options for retirement income, they have shirted to a point where they will only be available to some. Because of this, it’s important that people prepare now for their retirement years. An immediate annuity is a product that have helped people accomplish this goal.
What Is An Immediate Annuity?
Before we can explain the details of this product, we need to discuss annuities in general. Basically, an annuity is a financial product that is an agreement between a person 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. There are two basic kinds of annuities, deferred and immediate, that determine how and when these payouts occur. Deferred annuities feature payouts that are pushed aside to a later time; the payouts of immediate annuities can start immediately.
For those looking for steady income payments within a short amount of time, immediate annuities can be a great choice. The growth of the funds placed within an immediate annuity is tax-deferred, which means you don’t need to pay taxes on this increase until the money is withdrawn.
Because there are many companies that sell them, there are a lot of options when it comes to immediate annuities. By working with Gregory Ricks & Associates, you’ll gain access to many of these companies and have options available to you for Kenner immediate annuities. Because of this, we are better equipped to find an annuity that meets your needs.
Want to learn more about immediate annuities? Meet with one of our experienced financial advisors in the Kenner area. We’ll be happy to discuss your financial and retirement goals to determine if one of these products would be the right choice for you. Please give us a call now to set up your appointment.