What is an Annuity?
An annuity is a contract between you and an insurance company that is designed to meet retirement and other long-range goals, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date.
Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay your beneficiary a specified minimum amount, such as your total purchase payments. While tax is deferred on earnings growth, when withdrawals are taken from the annuity, gains are taxed at ordinary income rates, and not capital gains rates. If you withdraw your money early from an annuity, you may pay substantial surrender charges to the insurance company, as well as tax penalties. |
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Joshua D Mellberg
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Do you know the FOUR TYPES of annuities? Take a few minutes and let Josh Mellberg show you what they are and how they work.
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WHAT ARE THE BENEFITS???
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You may DOWNLOAD these FREE educational books that discuss the many different topics related to Retirement, Annuities and more. These books are offered to you through a partnership with JD Mellberg.
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