In a recent article posted by InsuranceAgents.com, “Using Annuities to Offset a Fixed Income-Less Future,” that everyone must retire from the workforce one day and without the proper plan, you could find yourself without steady income and in a rough spot. There are two different types of annuities that are available to the consumer to fund their future, an immediate annuity or a deferred annuity. Once an immediate annuity is issued, “you begin receiving income from it and can decide how long you wish to receive the benefits from your annuity,” states the article. A deferred annuity “is geared toward retirement funds because it is a long term investment that allows you to pay into it over a course of however many years and then receive payment at a predetermined date.” These types of annuities are also available with different rate plans, depending on what you are using your annuity for and how long you plan to wait before receiving payments; you can choose a fixed or variable rate.
If you are starting to plan for your retirement and are thinking about using an annuity to do so, contact your local life insurance agent and they will be able to provide you with all the necessary information you will need to make an informed decision about the type of annuity that will benefit you the most.
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