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Annuities Explained: Immediate Annuities
- To get this type of annuity you must first start with a lump sum. The lump sum will get you a contract with an insurance company, which will give you the guarantee of payouts.
- This amount of money can be adjusted to be guaranteed for life, or less. It can also extend to your spouse.
- When you do receive your payout, there will be several factors involved, including the amount you paid for the contract, as well as the interest rates at the time of that contract purchase.
- When choosing an immediate annuity, understand that the other factors involved in your pay out will be your life expectancy, the payout that you choose, and the option that you choose for your payout.
Getting to know your financial planning options is essential for planning for retirement. WIthout the right amount of knowledge, you run the risk of making a bad investment, and could potentially lose money instead. One way to protect yourself from this is by getting advised on your investment choices, by talking to the financial planners at Income For Life.