There are an overwhelming number of individuals who fail to take advantage of the benefits annuities provide. Your annuities will be directly dependent on your specific long-term goals and needs so that you can comfortably enjoy the retirement phase of your life. Rather than passing up the opportunity to take advantage of annuities, it is important that you understand the various benefits associated with them, including:
- Annuities act as a guarantee between you and an insurance company for a wide range of income options. For example, your annuity can act as a source of income that exceeds Social Security benefits and defined-benefit pension plans.
- Additionally, many individuals choose to use their annuities as an investment opportunity. This is not a standard investment so you will have the luxury of customizing your investment strategy through your annuities.
- Annuities also have the ability to protect you from pesky creditors and provide you with tax deferral opportunities on your earnings until funds are taken out with a favorable tax rate.
- A less pleasant but important thought is the ability to use annuities to grant death benefits to your beneficiaries for an allotted amount.
- You can also purchase annuities that act in a similar way as term life insurance policies, where you determine an allotted period of time for the guarantee.
Different Types of Annuities:
- Fixed-Interest Annuities – Minimum return rate is determined upon purchasing the annuity.
- Variable-Interest Annuities – Annuities with fluctuating return rates.
- Indexed Annuities – Return rates are determined by a specific equity-based index.
Contact SeniorChoices NW in Wilsonville, Oregon to get started utilizing all the benefits annuities provide. We will go above and beyond to ensure you are receiving the protection you deserve during the most important time of your life.