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An annuity is a contract with an insurance company. You give it a lump sum or a series of payments, and in return it can grow your money tax-deferred, turn savings into income you cannot outlive, or both. Fixed annuities are not invested directly in the stock market.
Your options
Turn a lump sum into a stream of payments that can start now (immediate) or later (deferred), for a set period or for life. Payments are backed by the claims-paying ability of the issuing insurer.
Often a fit for: Covering essential retirement expenses with predictable income.
A fixed interest rate for a set number of years, similar in idea to a CD but issued by an insurance company and not FDIC insured. Interest grows tax-deferred.
Often a fit for: Savers who want a known rate for a known period.
Interest is credited based partly on a market index, subject to caps, participation rates or spreads. In a year the index falls, the credit is typically zero rather than a loss. Optional income riders may be available for an added cost.
Often a fit for: People who want some growth potential while protecting principal from market loss.
A free, no-pressure conversation with a licensed agent. We compare options from multiple carriers and explain them in plain English, at no fee to you.
