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Purchasing AnnuitiesAnnuities are one of the ways retirees and people nearing retirement are increasing their savings. When an individual decides to purchase an annuity, they are faced with countless choices. Insurance companies have come up with a myriad of annuity choices, annuities to fit every budget and stage in life. You should consider your age, health and financial goals before deciding which annuity is right for you. Also important is learning about annuities and gathering annuity details/quotes and consulting with an Annuity Specialist from AnnuityAdvantage.com before jumping into an annuity purchase. There are three big decisions you’ll face before purchasing an annuity. The first is deciding why you want to buy an annuity. You are going to want to be honest with yourself and ask some questions, like: do you want to start receiving payments right away or would you rather watch your principal grow? Do you want to take advantage of the tax-deferred status of an annuity? Are you curious about stock market gains but are wary of losing all or a portion of your savings? The answers to these questions can point you towards the best type of annuities for your situation. The next big decision is how you will fund an annuity. Nonqualified money is money that you have already paid taxes on, such as wages earned from a job, or money situated in a savings account or CD. Tax qualified funds, such as those in a 401k, 403b or an IRA, has not yet been taxed. You can use either of these types of money to buy an annuity; there are restrictions as to the amount of new tax qualified funds you can contribute each year to buy an annuity, but the amount of nonqualified funds that you can use is unlimited. The last decision is simply which particular annuity product you should choose. Because AnnuityAdvantage.com is a one-stop annuity and shopping comparison service for over 40 different insurance companies, you’ll be sure to get the best product details and quotes from our Specialists. Call 1-800-239-0356 today to speak with one of our Annuity Specialists.
¹ First year yield/rate reflects fixed rate plus premium bonus or interest rate enhancement. Interest is based on current rates and subject to change without notice.Send email to
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questions or comments about this web site.
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