Income timing
Immediate and deferred contracts serve different timelines. Consider when income should begin and whether you need payments for a defined period or for life.
Plan beyond the paycheck
Annuities.
A retirement plan needs to consider how savings will support everyday life. Annuities can play a role in an income strategy when their terms fit your needs.
The essentials
What this service means.
An annuity is a contract with an insurance company. Depending on the contract, it can accumulate funds or provide income now or later. Payment timing, access to funds and guarantees differ by product.
Crediting approach
Fixed, indexed and variable annuities work differently. Ask what is guaranteed, what may fluctuate and which options are available for your situation.
Payout choices
Single-life, joint-life and certain-period arrangements can have different payment amounts and survivor benefits. Compare the tradeoffs before electing an option.
What to consider.
- Surrender charges can make early withdrawals costly; some payout elections may be irreversible.
- Review fees, riders, liquidity limits and potential tax penalties with appropriate professionals.
- Insurance guarantees depend on the issuing insurer’s claims-paying ability.
Let’s break it down.
Can I access my money early?＋
Access depends on the contract and phase. Free-withdrawal provisions may be limited; additional withdrawals can trigger charges or reduce benefits.
Does every annuity guarantee lifetime income?＋
No. That depends on the payout election or rider and its conditions. Ask for the specific contract language and any associated cost.
Should I replace an existing annuity?＋
Compare surrender charges, lost benefits, new fees and the full timeline before making a change. A replacement needs careful review.
Further reading: NAIC: Annuities ↗
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