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Senior Annuities from Palmetto Insurance

Achieving financial security so that you’re able to live comfortably during retirement not only depends on how well you plan and save while working, but also how effectively you conserve your assets during retirement. It’s a great way to make sure you’ll be taken care of financially.

Besides taking care of yourself financially, annuities are worth looking into as a means of protection from creditors, an investment option, a benefit to your heirs, a tax deferral, and tax-free transfers among investment options.

An annuity is an agreement between you and your carrier under which the insurance company pays you money for a stipulated period, often for life. Annuities can only be sold by agents specifically licensed to do so; your insurance agent must possess a life insurance license as well as a license from the National Association of Securities Dealers (NASD) or the Securities and Exchange Commission (SEC).

Although the idea of annuity is simple, it’s also a very old concept, which has resulted in many variables and categories. Some types can be classified in more than one category. The different types are:

  • Fixed or Variable. Fixed guarantees a minimum interest rate while your annuity accumulates and also guarantees equal check amounts when you withdraw from the annuity. Variable allows you different investment options for your funds, and offers no guarantee to payout amounts. Your income from this annuity will fluctuate depending on the investment vehicle you chose.
  • Deferred or Immediate. If you want to save for a long-term goal (i.e., retirement) and have no immediate need for the money, you should consider a deferred annuity, but remember if you choose deferred, there are penalties and fees for early withdrawal. If you’ve reached retirement or are nearly there, you may want to go with an immediate annuity, which guarantees a steady income for the rest of your life, or for a pre-determined time period.

Ask us about other types of annuities, such as:

  • Fixed Period, Fixed Amount, or Lifetime
  • Qualified or Non-Qualified
  • Single or Flexible Premium

Contact us today about annuity insurance – just another way that we can give you peace of mind and help you rest easier.