Tax-Free Retirement – Annuities
What is an Annuity?
An annuity is a contract between you and an insurance company in which you make a lump sum payment or series of payments and in return obtain regular disbursements beginning either immediately or at some point in the future.
The goal of annuity is to provide a steady stream of income during retirement. Funds accrue on a tax-deferred basis, and like 401(k) contributions can only be withdrawn without penalty after age 59.5.
Many aspects of an annuity can be tailored to the specific needs of the recipient. In addition to choosing between a lump sum payment or a series of payments to the insurer, you can choose when you want to annuitize your contributions – that is, start receiving payments. An annuity that begins paying out immediately is referred to as an immediate annuity, while one that starts at a preset date in the future is called a deferred annuity.
Annuities Are Income for Life
Saving for retirement is one of the greatest financial challenges facing Americans today. Company pension plans are a thing of the past, Social Security faces a questionable future, and 401(k) and IRA plans have maximum contribution levels that could limit your savings. With an annuity, you can benefit from tax-deferred savings and ensure that you have a guaranteed income in retirement.
How can I Optimize my Social Security to get the most out of my Retirement Income?
With over 10,000 Baby Boomers retiring daily we find them asking: When do I take Social Security? Do I collect Social Security while I am working? Am I entitled to any other benefits? What impact will healthcare costs have on my retirement? Do I take it Social Security at 62, wait until full retirement age or possibly wait until 70? These are questions that cannot be answered with a simple “one size fits all”. With over 700 different Social Security Strategies available these are questions you really want to get right. These choices can make or break a person’s retirement.
We offer one on one consultations that will show you how to Optimize your Retirement with Social Security. During your session we will run various options for Social Security Optimization. Things like, do I take Social Security at 62 (and take a 25% lifetime reduction) or wait until age 70 (taking advantage of the bonus given by waiting). How much will taxes affect my retirement income? Am I eligible for my Spouse’s benefit? And so much more!
Learn how to retire with the lifestyle you’ve worked so hard to achieve.