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An Annuity is a retirement income planning vehicle that protects your assets followed by growth. You may also have income for life on yourself and your spouse if setup properly. Protection of assets, income for life, inflation protection, growth with downside protection from market volatility and legacy planning are a few reasons people get annuities. It's very important to know which of the four types below are best for your situation.
- Fixed- The annuity's value accumulates at a constant rate
- Indexed- The value of your annuity is linked to an index but is protected from market fluctuations
- Immediate- You purchase the annuity for a one-time price and begin receiving payments immediately
- Variable- You invest the annuity in stocks, subject to the normal risks of the market
It's important to choose the right annuity for your specific situation. Since these contracts are not FDIC insured, choosing an annuity from a reputable company is important. Education on carrier ratings is recommended.
Like 401(k)s, 403(b)s, and other retirement savings plans, annuities are tax-deferred, meaning you don't have to pay taxes on the growth until you withdraw it. Unlike those plans, there is no limit to the amount of money you can contribute per year. This makes annuities ideal for those with savings or retirement accounts and a desire to grow or receive income off there assets while being protected.
There are different riders that can be attached to annuities that achieve certain goals. Some of which are income and death benefit riders. These offer guaranteed income and guaranteed growth for death benefit purposes.
Choosing the Right Agent
You want to make sure the agent your working with isn't biased towards using one or two insurance companies. If they are captive with an insurance carrier, it means they can only show that insurance carriers solutions. You want to make sure they are searching numerous carriers to find the right solution for your particular situation and not bound by one, two or three insurance carriers.
Souping Up Social Security
Social Security's many strategic options are both a blessing and a curse. They allow you to be flexible when planning for your retirement, but choosing between so many strategies is bound to be confusing. Wolfgang keeps this confusion to a minimum with the help of Maximize My Social Security software. We enter your financial information, calculate the different ways each strategy will affect you, and select the strategy that offers the largest payout during your life expectancy.
Making Ends Meet
Social Security is rarely enough to meet your retirement needs, which is why Wolfgang provides in-depth financial planning for all our customers. We determine all your likely costs of living during retirement, as well as all the income you will receive from annuities, pensions, Social Security, and other sources, adjusting everything for inflation.If there is any chance that your income won't meet your expenses, we help you develop a plan to make ends meet. With are commitment to providing you with financial security throughout a long, happy life.