Immediate Annuities in New Orleans
The products we rely on to plan for retirement have changed a lot over the years. While pensions and Social Security have been dependable options for retirement income, they are shifting to a point where they will only be available to some. This means it’s very important to prepare now for what lies ahead in retirement. In order to achieve this goal, many have turned to immediate annuities.
About Immediate Annuities
Before we can get into the details of this product, we must first discuss annuities in general. At its base level, an annuity is a financial product that is an agreement between a person and an insurance company. The annuity owner makes a lump sum payment to the company and the company agrees to make payments back to the owner at a later time. There are two basic kinds of annuities, deferred and immediate, that determine how and when these payouts occur. Deferred annuity payments commence at later date while immediate annuities can start payouts within a few weeks.
Immediate annuities are often selected by those who want steady income payments to start within a short amount of time. The growth of the money placed within an immediate annuity is tax-deferred, which means you don’t have to pay taxes on this increase until the money is withdrawn.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 your wealth management is that we are able to work with many of these financial institutions to provide our New Orleans clients with options. This allows us to select the immediate annuity that will best fit your needs.
Want to learn more about immediate annuities in New Orleans? Talk to one of our experienced financial advisors. We would love to discuss your financial and retirement goals to decide if one of these products would be the right choice for you. Call us now to schedule your appointment.