Annuities

Reasons to Buy and Reasons to Avoid Annuities

Companies

In its simplest form, an annuity is a contract between the annuitant (the person who owns the annuity) and an insurance company. In exchange for the company’s promise to pay later, the annuitant agrees to pay now.As a financial tool, the annuity is as important in retirement planning as a hammer is to a handyman.…

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Buying an Annuity

Annuity

Buying an annuity is not like buying a car or deciding which college to attend. There are numerous review websites, blogs, and books to help a buyer evaluate cars and colleges. There is no equivalent for annuities. There are no substitutes for knowledge and curiosity. Buying the product that best suits your needs requires that…

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Introduction to Annuities

Choosing an Annuity Annuities can be useful for creating retirement income by providing a “check for life.” There are many different types of annuities, including the following: A single premium immediate annuity, or SPIA This is the most common type of annuity. Once the premium is paid, the annuity will provide a consistent stream of…

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Longevity Annuities

Longevity Annuities

What are Longevity Annuities? Longevity annuities are a type of deferred fixed annuity. They are specifically designed to provide income guarantees to people who might outlive their savings. These annuities target people approaching retirement. They simplify the process of retirement financial planning by eliminating concerns with a possibly very long lifespan. Longevity annuities target people…

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Private Annuities

Longevity Annuities

A private annuity is a means of transferring an asset from its current owner to a preferred future owner. Its common use is to transfer ownership of a privately held company or an investment property to the future generation of owner-manager. The mechanism for the transfer is relatively simple, though it comes with multiple requirements,…

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Questions – Annuities General

Questions - Annuities General

Questions to ask an insurer before buying an annuity: What is the current interest rate and for how long is it guaranteed? What is the guaranteed minimum interest rate and for how long is it guaranteed? What is the surrender period? This is the time period during which you must keep your annuity contract at…

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Questions – Deferred Variable Annuities

Questions - Deferred Variable Annuities

For how long are surrender charges assessed and what are the surrender charges each year? Annuities have different surrender charges and surrender charge periods. Make sure you understand this and compare surrender charges and surrender charge periods between different annuities. Is there an amount that can be taken out of an annuity each year without…

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Questions – Deferred Index Annuities

Questions - Deferred Index Annuities

Q: For how long are surrender charges assessed and what are the surrender charges each year? A: Annuities have different surrender charges and surrender charge periods. Make sure you understand this and compare surrender charges and surrender charge periods between different annuities. Q: Is there an amount that can be taken out of an annuity…

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Questions – Fixed Deferred Annuities

Companies

Q: Is there a market value adjustment (MVA) at surrender if interest rates go up or down? A: When an annuity has a market value adjustment feature, the value you receive at surrender is adjusted up or down based on the direction of interest rates after you purchase the annuity. Note that the market value…

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Questions – Immediate Annuities

Questions - Immediate Annuities

Which companies offer immediate annuities? Many different companies offer immediate annuities, so be sure to get quotes from at least five different carriers. What’s the difference between a life only annuity, a life annuity with a period certain, a period certain annuity, and a life annuity with an installment refund? How do the payment amounts…

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It took a lifetime to build your legacy. Give us a call to see how we can help you preserve it.

It took a lifetime to build your legacy. Give us a call to see how we can help you preserve it.

Steve

Get in touch with Steve Goodman today

CPA, MBA – President & Chief Executive Officer

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