Slidell Immediate Annuities
Planning for retirement has changed dramatically over the years and will continue to do so. It is quite difficult to bank on Social Security when its future is uncertain. This means it is very important to prepare now for what lies ahead in retirement. In order to reach this goal, many have chosen immediate annuities.
What Are Immediate Annuities?
First, it’s necessary to understand annuities in general. Annuities are financial products that function as an agreement between an individual and a financial institution. The individual makes a lump sum payment to the financial institution, who agrees to make regular payments back to the person throughout the life of the annuity. In respect to when these payouts occur, there are two basic types of annuities: deferred and immediate. While deferred annuities don’t start until a later time, immediate annuities can start immediately.
For those in need of regular income payments within a short amount of time, immediate annuities can be a great choice. 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an immediate annuity is tax-deferred, which means you aren’t required to pay taxes on this increase until the money is withdrawn.
Because there are many companies that sell them, there are a lot of options when it comes to immediate annuities. The great thing about working with Gregory Ricks & Associates for your retirement planning is that we are able to work with many of these financial institutions to provide our Slidell clients with options. This allows us to select an immediate annuity that will best meets your needs.
Want to learn more about Slidell immediate annuities? Meet with one of our knowledgeable financial advisors. After a short conversation on your current finances and retirement goals, we will be able to determine if an immediate annuity is a good choice for you. Give us a call now and set up your appointment.