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Annuities in Daly City, CA
As you get older and plan for retirement, income security is something you want in your life. Annuities, outside of traditional pensions and investment plans, are a great way to grow your savings and income as you get older in life and ensure you’re financially secure.
What is an annuity?
An annuity is essentially a contract or agreement between you and an issuer that promises to help you invest and save your money. It’s sort of a middle ground between insurance and investments. Over time, after paying your insurer a premium, your annuity will gain value through investments until you decide to use the money, giving you more money than you initially had.
The type of annuity you choose can determine how your income changes.
Fixed annuities guarantee an interest rate, allowing you to better plan long-term solvency.
Variable annuities allow you to invest your funds in subaccounts to generate different returns on income. That way, you can often increase the funds you eventually take out of the account.
Your insurance company will carefully manage the investments within your annuities. Therefore, you’ll have income security within the coverage you choose.
What annuity options are available?
Beyond fixed and variable annuities, you have other choices. Different account options let you choose when you can receive payments.
Immediate annuities can pay you within a short period after investment. Your issuer will figure how much to pay based on factors like the principal in the account and your life expectancy.
Deferred annuities act in two ways. During the accumulation period, which can last years, you let the money in the account grow. After entering the distribution phase (usually after retirement) you will begin to receive the funds from the account.
Talk to your 800 Insurance Financial Services agent about which type of annuity is best for your long-term solvency.
The Benefits of an Annuity
Most people use the funds within an annuity as a source of income and support following their retirement. Your annuity will provide certain financial benefits to assist you in the future.
You can often carry the annuity alongside other accounts like 401(k) or 403(b) pensions. Therefore, you’ll create a larger financial cushion to use later.
No limits exist on how much you can invest in the annuity.
Money within your plan grows tax-deferred until you withdraw it. After that, you only pay regular income tax.
You can use this money for specific reasons, like a vacation or medical care. Or, you can receive a stream of income for the rest of your life. Think of it as a way to support yourself in old age.
Contact Us Today!
Contact us to learn more about planning your future with an annuity. We are happy to answer your questions and help begin your investment process today.