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Immediate annuities provide an immediate, lifetime income to individuals ready to retire.
Here's how they work: you invest your savings in one premium payment to the insurance company. In exchange, the company promises to pay you a specified stream of income (typically monthly) for a specified period of time, or for LIFE!
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If you don't need an immediate
income, take advantage of the tax-deferred savings benefits
annuities offer. Invest in a deferred
annuity.
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The amount of your income payouts is determined in advance by the insurance company. You'll know exactly what you'll be receiving, how often you'll be receiving it, and for how long, even if it's for the rest of your life. Your income can be structured and guaranteed to last throughout your lifetime or, if you wish, the lifetime of both you and your spouse.
Best of all, the frequency and amount of each paycheck is fully guaranteed by the insurance company. You can receive a paycheck as often as you like for as long as you choose. Not many retirement savings plans offer that.
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