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Annuities

Adding an annuity to your retirement plan can help meet your spending needs and reduce the risk that you’ll outlive your money. We work with highly rated insurance companies to offer you competitive rates on annuities. Our specialists can provide information and guidance so you understand your financial options in retirement and can decide if an annuity is right for you.

Build Your Retirement Strategy

Prudent management of your personal and retirement plan assets, combined with Social Security, may provide enough income for your retirement. For additional stability and long-term income protection, it may be helpful to consider other retirement planning options as well. Annuities can be a useful tool to ensure that you don’t outlive your assets. 

What’s an Annuity?

An annuity is an investment you can use to either save for retirement or get income in retirement.

  • If you’re saving for retirement, deferred annuities offer tax-deferred savings, much like a 401(k) or IRA.

  • If you want income in retirement, you can get guaranteed income through an immediate annuity or a deferred annuity with a lifetime withdrawal benefit.

Annuities are insurance products, and the company that issues them is responsible for the guarantees it makes to you.*

When you purchase an annuity, you have several decisions to make. Some things you will need to consider include:

  • How you want your money invested

  • Whether you want a fixed or variable rate

  • How long you want payments to last if you’re looking for income

You’ll also want to review any fees and charges, which can vary widely among different companies, making it necessary to compare costs when shopping for a plan. Annuities can cost more than some other savings plans because you’re paying for the guarantees in your annuity contract.

How To Choose An Annuity

Consider a deferred variable annuity if you:

  • Are saving for retirement

  • Are looking for long-term growth

  • Want the advantage of tax deferral

  • Have significant assets to set aside for ten years or more

Consider a deferred variable annuity with a guaranteed lifetime withdrawal benefit if you:

  • Want guaranteed lifetime income without losing control of your assets

  • Want the flexibility to start, stop, or skip withdrawals at any time

  • Want to benefit in retirement from market upturns while being protected from market downturns

  • Are aware that there is an additional cost for the withdrawal benefit

Consider a deferred fixed annuity if you:
  • Are saving for retirement
  • Want the safety of a guaranteed interest rate
  • Want the advantage of tax deferral
  • Have significant assets to set aside for at least five years
Consider an immediate (income) annuity if you:

  • Are entering into or are in retirement

  • Want a guaranteed income in retirement

  • Have a lump sum or direct rollover to convert into an income stream

  • Are concerned about outliving your assets

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