| Category: | Insurance agency, |
|---|---|
| Address: | 13 Kinsman Ct, Fonthill, ON L0S 1E3, Canada |
| Postal code: | L0S 1E3 |
| Phone: | (905) 892-1314 |
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An annuity is an insurance product designed to provide consumers with guaranteed income for life. The type of annuity you purchase determines your future annuity payments. The primary benefits of buying an annuity include principal protection, the potential for guaranteed lifetime income and the option to leave money to your beneficiaries.
Steady Retirement Income. The most obvious benefit of annuities is that they provide structured payments during one's retirement, a period in life where regular income can be hard to come by. An annuity provides supplemental income that can provide much-needed peace of mind during your golden years. This way, you won't have to worry about how ...
Court-Ordered Benefits information for Federal retirees and their spouses on how their retirement and insurance could be affected by a court order related to a divorce or separation. Attorney information that applies to court orders. Video overview of retirement eligibility and annuity benefits. Approx. 51 minutes.
Annuities provide three things: Periodic payments for a specific amount of time. This may be for the rest of your life, or the life of your spouse or another person. Death benefits. If you die before you start receiving payments, the person you name as your beneficiary receives a specific payment. Tax-deferred growth.
Contract owner: If you buy an annuity, you are the contract owner. Premium: A monthly payment you make to keep an insurance plan. Surrender period: The time in which you will have to pay a surrender charge if you sell or cash out your annuity. Annuitant: The person who will get the income benefits of an annuity.
The biggest advantages annuities offer is that they allow you to sock away a larger amount of cash and defer paying taxes. Unlike other tax-deferred retirement accounts such as 401 (k)s and IRAs ...
It is an advantage that gives you more flexibility if you prefer a hands-off approach to investing. You can essentially deposit your cash, choose your options, and then forget about it until you need to access the payments. 8. A variable annuity can offer a death benefit.
Giving up control and liquidity. With a traditional income annuity, you give up access to that cash in exchange for the promise of regular, reliable income. If something changes in your situation, you won't be able to get that lump sum of cash back. 3. Potential lack of inflation protection.
Benefits of Retirement Annuities. The primary reason people choose annuities is to get a guaranteed income stream. With an annuity—especially a fixed annuity—they know what their monthly ...
Annuities can provide lifelong income. Taxes on deferred annuities are only due upon the withdrawal of funds. Fixed annuities guarantee a rate of return, which translates into a steady income ...