An annuity is a contract that turns your contributions into a steady stream of retirement income. Based on your contract, you’re also able to determine the length of time during which you’ll receive payments (e.g., for your lifetime or a specific number of years).
Who is an annuity for?
Consider an annuity if you want to receive guaranteed income during your retirement. Fixed and variable annuities are great options for people thinking about their long-term retirement (10-20 years to retire), while immediate annuities are good for those nearing retirement who want income right away.
How does an annuity work?
An annuity is a contract with an insurance company that can guarantee income for your retirement years. An immediate annuity can begin income-for-life payments within a year of the purchase, or payments can be postponed to the future with a flexible premium deferred income annuity.
Why consider an annuity?
Everyone should plan for their retirement. Annuities are an additional way to plan for your future, along with an IRA, 401(k), or pension. Creating a stream of lifetime guaranteed income, can be a critical component to a retirement strategy.
- Immediate annuity
- Fixed annuity
- Variable annuity
If you need income right away or within 12 months, consider an immediate annuity. It’s a good option for anyone interested in having guaranteed monthly income. After you provide us with a single, lump-sum payment, we’ll distribute income to you based on a schedule you decide (for a select period or for life).