Annuities help you prepare for retirement. Let us help you find the right annuity to help you achieve your goals.
An annuity is an insurance product that can be used to accumulate assets for retirement and to provide retirement income. Earnings from the premiums you pay accumulate tax-free until you begin to withdraw money from your policy.
The insurance company who issues an annuity guarantees your principal as well as a minimum interest rate that you will earn during the lifetime of the policy. The actual rate you earn may be higher than the minimum rate.
There are two basic types of annuity contracts:
- An immediate annuity is purchased with a one-time lump sum premium and it begins paying monthly benefits to you immediately.
- A deferred annuity accumulates your savings through premiums that are paid on a periodic basis (e.g., once per year, once per month, etc.). When you reach retirement, the annuity begins paying you a monthly benefit.
Contact Strate Insurance Group for more information about planning for your retirement.
Contact us today at (423) 318-5800.