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The Best Annuity Rates in Seattle and Why You Should Bring Your CPA Into the Conversation about Annuities

By: Income for Life
Investors in Seattle are looking for the best annuity rates, and with good reason. An annuity gives you a guaranteed form of lifelong income in exchange for your deposit of a lump sum with the insurance company that issued the annuity. Even if your lump sum (the principal) runs out, you’ll continue to get guaranteed payments for life, so it stands to reason that people would want the best annuity rates. After all, if you can get a higher monthly check without increasing the amount of principal in the initial deposit, you should. You wouldn’t want to abandon money that you could have had.

However, there are so many annuity products on the market that it’s hard to sort through them all to find the best rates. Different types of annuities meet different needs and come with different risk factors, costs, regulations, and hidden fees, making it harder than ever to find the one that is best for you. The fastest and easiest way to get the best annuity rates in Seattle is to contact Income for Life. Our founder, Matt Nelson, is among the top 1% of retirement advisors in the world and has access to the exclusive products that are reserved for top advisors, meaning that we can get you an annuity that’s a great fit for your needs.

Why You Should Bring Your Accountant Into the Conversation about Annuities

When you buy an annuity, after you’ve asked the basic questions about how the annuity works and what options or features it offers, you’ll also want to know the answers to your questions about the taxes that you’ll owe when you collect the income from your annuity. Different choices can have different results when it comes to your annuities, and the rules can also be different in different states, so you should always ask a local CPA whom you trust for advice about how to optimize your financial picture for any taxes you’ll owe. Here are some of the areas where variations in your annuity choices can also have an impact on your taxes.

What funds you use to buy your annuity

The purchase of an annuity requires you to make a large deposit, typically in the 6-figure range, with an insurance company. This sum forms the basis of the payouts that you’ll receive for the rest of your life, and amount of income you’ll get each month is directly related to the initial investment. But where did that money come from for your initial investment? The tax implications are different depending on where you pulled those funds. Was it from your checking account, from an IRA, from your 401(k), or from somewhere else? If the initial deposit that funded your annuity was pretax money, the return will be taxed differently than if you used after-tax money to fund it. One popular option is to roll over an IRA directly into an annuity, but the best option for you may differ.

The type of annuity you choose

An immediate annuity starts issuing you payments as soon as you acquire it, while a deferred annuity allows you to buy the annuity now and start getting payments in the future at some predetermined date. There are all kinds of combinations of options for your payout in the different annuities on the market. For instance, if you die while part of the lump sum from your initial deposit is still remaining, will your survivors receive anything? Not all types of annuities offer a survivor’s benefit. Each different type of annuity has its own tax considerations, which you should review and ensure that you’re making choices that give you the best scenario for both getting guaranteed income when you die and minimizing the tax burden to you and your heirs.

How and when you receive income from your annuity

Once you start receiving income from your annuity, the portion of that income that’s counted as earnings will be taxed. Depending on the way that you receive those earnings, you could be taxed at the personal income rate or at the capital gains rate. Ask your CPA how your annuity income will be taxed so that you can be prepared for any contingencies.

Contact Income for Life for the Best Annuity Rates

If you are looking for the best annuity rates in Seattle, contact Income for Life, where you’ll get far more than just annuity rates. You’ll get the solid retirement income planning advice that will help you to optimize your income for retirement. There’s a lot more to a retirement income strategy than just annuities, and Matt Nelson and the Income for Life team are here to make sure that you can not only retire, but stay retired. You’ve worked hard for your income and your savings, and you deserve to have the peace of mind that your retirement is provided for. Give us a call today to set up your first appointment.

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