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Planning for retirement isn't only about how much money you save. It's also about how you may use those assets to support your income needs throughout retirement.
Annuities are insurance products that can play a role in retirement and income planning. Different annuities have different features, costs, guarantees, liquidity considerations, and risks.
Longevity Capital Insurance helps individuals in Savannah understand annuity options and determine whether a particular type of product may fit their goals.
Call 912-308-4087 to discuss annuity options.
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What Is An Annuity?
An annuity is an insurance product designed to provide financial benefits according to the terms of a specific contract. Depending on the product, an annuity may be structured to provide income immediately or at a future date. Different products can work very differently, which makes it important to understand the contract before purchasing.
Why Consider An Annuity?
Annuities may be considered as part of a broader retirement strategy for people who are interested in income planning.
Depending on the product, considerations may include:
- Creating a potential income stream
- Planning for retirement income
- Deferring income until a future date
- Protecting certain contractual guarantees
- Planning around longevity
- Structuring retirement assets
An annuity isn't automatically appropriate for every person. The right question is whether the specific product fits your goals, financial situation, time horizon, and need for access to your money.
Types Of Annuities
Fixed Annuities
Fixed annuities generally provide defined contractual terms and may offer a more predictable structure than products tied directly to market performance.
Fixed Indexed Annuities
Fixed indexed annuities use an interest-crediting method connected to an external market index, subject to the terms of the contract.
They are not the same as directly investing in the market, and their features and limitations need to be carefully reviewed.
Immediate Annuities
Immediate annuities are designed to begin income payments relatively soon after purchase, according to the contract.
Deferred Annuities
Deferred annuities are structured to accumulate before income begins at a later date.
The appropriate type depends heavily on your circumstances.
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Questions To Ask Before Buying An Annuity
Before purchasing an annuity, make sure you understand:
- How the product works
- How income is calculated
- What guarantees actually apply
- Fees and expenses
- Surrender charges
- Withdrawal provisions
- Tax considerations
- Beneficiary provisions
- Liquidity restrictions
- How long you expect to hold the contract
You should never purchase an annuity simply because of a headline rate or projected benefit. Understand the contract first.
Call 912-308-4087 to discuss your questions with Longevity Capital Insurance.
Annuity Guidance in Savannah, GA
Longevity Capital Insurance provides professional insurance guidance from its Savannah location. We'll take the time to understand what you're trying to accomplish before discussing available products. Our goal is to make complicated insurance concepts easier to understand so you can make informed decisions.
Is An Annuity Right For You?
There isn't a single answer. For some people, an annuity may be useful as part of a broader retirement strategy. For others, liquidity, flexibility, fees, or other considerations may make a different approach more appropriate. That's why professional guidance matters.
Call 912-308-4087 to discuss your situation.
Explore Your Annuity Options
If you're approaching retirement or simply want to understand how annuities work, Longevity Capital Insurance can help you get started.
Call 912-308-4087 or request information today.
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FAQs
What is an annuity?
An annuity is an insurance product that can be structured to provide financial benefits or income according to the contract.
Are annuities investments?
Annuities are insurance products. Some have features tied to market indexes or investment subaccounts, depending on the product.
What is a fixed annuity?
A fixed annuity generally provides contractual terms around interest and benefits.
What is a fixed indexed annuity?
A fixed indexed annuity uses an external market index as part of its interest-crediting methodology, subject to the contract's terms.
Can an annuity provide retirement income?
Certain annuities can be structured to provide income during retirement.
Are annuities appropriate for everyone?
No. Suitability depends on individual circumstances, goals, liquidity needs, time horizon, and the specific contract.
What should I ask before buying an annuity?
Ask about fees, surrender charges, guarantees, withdrawals, income provisions, beneficiary provisions, and liquidity.