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What Is an Annuity?

An annuity is a savings contract between you, the annuitant, and an insurance company, the annuity issuer. There are four kinds of annuities and Social Security: fixed, immediate (SPIA), indexed, and variable. If you have a fixed annuity, your interest rate is guaranteed. An indexed annuity allows you to link your assets to certain indexes and allows you to link certain riders to your annuity to accomplish specific goals in mind -- some people call this a "Hybrid Annuity." An immediate annuity (SPIA) allows you to turn in lump sums of money for income streams. With a variable annuity, your earnings are linked with the fluctuating performance of your investments and may be worth more or less than your principal when redeemed.

Unlike other investment plans, there is no limit to how much you can put into an annuity. Your funds will  grow with a tax-deferred status, and you pay your regular income tax rate on any taxable money upon withdrawal.

What Annuity Options Are Available?

An immediate annuity can begin paying you right away. You can choose whether you want your income guaranteed for a specific time period or if you want lifelong payments. The amount of your payments is calculated based on your principal and your life expectancy.

A deferred annuity is broken up into two phases:

• Accumulation: This is when you add money to your annuity, whether you pay in a lump sum or you make a series of payments. You can continue to let your account grow tax-deferred.
• Distribution: This is when you begin withdrawing money from your annuity, whether you take out systematic withdrawals or you annuitize to supplement your finances with a regular stream of income for life.

Why Buy an Annuity?

An Annuity is a good option for individuals who are looking for safety and peace of mind while still having the opportunity to grow or turn their assets into income for life to cover the gap in their cost of living. Your earnings can then be used for supplemental income during retirement, guaranteed financial independence as you age, or a monetary legacy to leave behind for your loved ones. Annuities and Social Security and Social Security can help you continue living comfortably well into old age

Contact us to learn more about planning your future with an annuity. We are happy to answer your questions and help determine if an annuity is right for your situation and goals.

Maximize your Social Security

Social Security can be confusing; let us input your information into the best Social Security Maximization software to help guide you through you Social Security planning! There are many different variations when it comes to Social Security planning, and it's very important not to take it lightly. Wolfgang Financial and Insurance Agency will input your information into Social Security Maximization software so you can receive a detailed report on possible best scenarios on when to defer and when to start taking Social Security.

 

We Use Maximize My Social Security (MMSS)

•Co-ranked #1 SS tool by The Wall Street Journal

•Developed by Laurence Kotlikoff, one of Boston University's most renowned economists

•MMSS considers thousands of collection strategies

•MMSS finds the strategy that maximize your lifetime benefits

•We can compare MMSS’ top strategy with any other options 
 

 
Once you've determined when to start your Social Security, Wolfgang Financial and Insurance Agency will show you different ways to cover the gap between your guaranteed income plans like Social Security and pension plans compared to your cost of living. Now more than ever with science, medicine, and technology, people are living longer than ever before. Having a plan in place to take care of your needs no matter how long you or your spouse lives is imperative. Contact us or fill out the Free Social Security Guide request located on the right side of our website and start your planning today!