Mandeville Immediate Annuities
Whether we like it or not, retirement is changing and will continue to do so. While pensions used to be very common, they have become increasingly rare. This means it’s very important to prepare now for what lies ahead in retirement. For many, immediate annuities are a product that can assist with accomplishing this goal.
What Is An Immediate Annuity?
First, let’s discuss annuities in general. Basically, an annuity is a financial product that functions as an agreement between a person and an insurance company. The person agrees to make a lump sum payment to the financial institution, who agrees to make regular payments back to the person throughout the life of the annuity. There are two basic types of annuities, deferred and immediate, that determine how these payouts occur. While deferred annuities do not start until a later date, immediate annuities can start immediately.
For those in need of recurring 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an immediate annuity is tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.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. The great thing about choosing Gregory Ricks & Associates for retirement planning is that we are able to work with many of these financial institutions to provide our Mandeville customers with options. This structure allows us to select an immediate annuity that will best meets your needs.
Want to learn more about Mandeville immediate annuities? Meet with one of our experienced financial advisors. After a simple conversation on your current finances and retirement goals, we should be able to figure out if an immediate annuity is right for you. Please call us now and schedule your appointment.