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Annuities

With longer life expectancies, fewer pension plans, doubts about Social Security, and market volatility, it’s harder than ever for the average person to feel secure about their retirement income. Employers are asking employees to help fund more of their retirement.  In addition, a larger number of workers are self-employed, which means they must pay for their own retirement.  That’s why many people turn to annuities.

An annuity is a contract with an insurance company that can provide an income stream during retirement that is guaranteed to last for a lifetime.  All guarantees are backed by the claims-paying ability of the issuing company. Clients not only decide when that income stream starts, now or in the future, but also what other potential benefits they desire. Most annuities offer additional options, also called riders, at an additional cost.

Whether you are facing retirement, years away or already there, selecting an appropriate annuity could help provide you with tax-deferred growth as you save for retirement and a plan for regular income when you are no longer working.  Because of the many types of annuity contracts, each with a variety of available options, it’s important to consider the risks and tax implications with a knowledgeable professional.  For example, early withdrawals prior to age 59½ may be subject to penalties.  However, unlike most retirement plans, there are no restrictions on the amount of money you can place in your annuity. 

Annuities can also be a part of a client’s estate plan as some annuities offer a death benefit that can pass outside of probate.  In Texas, annuities are protected and shielded from creditors and frivolous lawsuits. 

There are many types of annuities, and our advisors assist clients navigating through the process of determining whether an annuity is appropriate and, if it is, which type of annuity best meets their specific goals.  

* Annuities offered through RJFS and Woodforest Financial Services, Inc.

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