Growth Annuities 101
Annuities are often touted for their guaranteed income benefits for your later years, but they also offer substantial growth opportunities that make them a compelling alternative to bonds, CDs, money market funds, and even volatile stock portfolios.
Why Is an Application Required for an Annuity?
An annuity application ensures the product aligns with your financial situation by assessing your income, assets, and long-term goals, while offering flexibility for emergencies and household expenses. It also ensures regulatory compliance and protects consumers by verifying the legitimacy of funds and confirming your understanding of the product. Finally, the application helps the issuing company assess risk and formalize the terms of the annuity contract.
Annuities & Liquidity
Annuities are designed to be long-term investments, but they do offer liquidity through penalty-free withdrawals within the surrender period.
Comparing Annuities to Employer-Sponsored Plans
Annuities offer protected growth and tax-deferred advantages, providing a safe way to accumulate wealth with less exposure to market volatility. In contrast, 401(k)s and 403(b)s offer greater investment flexibility and potentially higher returns, supplemented by employer contributions.
Comparing Fixed Indexed Annuities to Money Market, CDs, and High-Yield Savings
Fixed Indexed Annuities (FIAs) offer the potential for higher returns with principal protection, making them a strong option for long-term financial planning. Compared to Money Market Accounts, CDs, and High-Yield Savings Accounts, FIAs provide more growth potential but less immediate liquidity. Each option has its unique benefits, so understanding them can help in aligning with your individual financial goals.
How to rollover funds into an annuity
Annuities offer more options and market protection compared to a 401(k), making them an attractive choice for retirement planning. Understanding the rollover process from a 401(k), 403(b), or IRA to an annuity is crucial to avoid penalties and tax implications. This guide provides clear steps to help you navigate the rollover process smoothly.
How are annuities taxed?
Annuities can be funded with either pre-tax (qualified) or post-tax (non-qualified) dollars, each offering different tax benefits and considerations. Whether you're rolling an old 401(k) or simply using a checking account, you'll learn all about taxation.
What happens after the surrender period?
Annuities typically have a 10 year surrender period. But unlike a bond, the annuity doesn't mature or expire. Rather, you're simply provided more flexibility when the period ends.
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