Annuities in Greenville, SC
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Today, a retirement income setup depends almost entirely on the individual. This is why there’s the option of a guaranteed* fixed income factor that will fit into your individualized retirement strategy. To sum up, an annuity addition to your strategy can help to ensure that a percentage of your retirement income can be guaranteed. What is an annuity? Simply put, it’s a contract that’s purchased from an insurance company. Once you pay a premium, you hold claim to certain fixed and variable interest options for crediting that can defer taxes until it’s withdrawn for use.
Once you’re at the point for income distribution, there are many guaranteed payout options available to you. Certain annuities have conditions which, every year, let you get a withdrawal percentage of the contract value up to a particular limit. Keep in mind, however, that any withdrawal that occurs can reduce the value of the contract and any protected benefits included. Excessive withdrawals that fall above the limit that’s set in place may acquire something called a surrender charge, occurring between the first 5–15 years of the contract. Any annuity withdrawal that is made before the age of 59.5 may incur a 10% penalty fee. Income taxes may be applied to all withdrawals.
*Annuity guarantees are dependent on the ability and strength of the insurance company. Any annuity may be subject to surrender charges, holding periods, and fees. These stipulations may vary depending on the career. FDIC insurance doesn’t apply to annuities.
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