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What is an Annuity?
An Annuity allows an individual to deposit money by way of premiums with an insurance company. It is designed to earn interest and grows on a tax-deferred basis with the understanding the insurance company will in time provide a series of repayments to the customer at regular intervals.
Typically, people purchase Annuities to provide for or supplement their retirement income
received from pension benefits, Social Security, investments and other sources. Unlike standard Life Insurance, that pays upon the death of the policyholder, an Annuity pays on the terms set up within the Annuity. The major appeal of an Annuity is the ability to convert it into a stream of income that can then be paid over a set period, or for the duration of your lifetime. You may choose to take withdrawals of varying amounts when the need for funds arises.
Features of an Annuity
Now, more than any other point in U.S. history, people are responsible for acquiring their own retirement savings. Two things are certain in life: you will live, and you will die. If you live, you will need a financial source to live on. If you die, your family will need help to get by without your income source. Annuities can help you plan for future. Generally, there are two different types of Annuities:
Immediate – Providing income payments that typically begin within a year after the premium is paid.
Deferred – Providing income payments that start later, usually after a long period of time. Deferred Annuities are for those individuals looking for long-term savings solutions. They are available for purchase by using one lump sum, or with flexible premiums made over time. Also, when it is time for a payout from your Deferred Annuity, you will have several options to meet your financial needs.
Financial Solutions with Annuities
If you’re looking for options to save more funds for retirement or generate a reliable income during retirement, an Annuity may be the answer for your situation. They can provide tax benefits and when you retire, give you the option of a guaranteed income for as long as you need it, even over the course of your lifetime. With an Annuity you can:
- Increase your savings.
- Create a steady stream of income.
- Preserve what you’ve saved.
- Take a lump-sum payment or choose guaranteed payments.
- Take advantage of a no annual contribution limit.
Using an Annuity as part of your financial portfolio will help make sure you and your loved ones are better prepared for the unexpected — illness, disability, and death. While Annuities are most often used in retirement, they can also be a steady income if you are financially independent or from a lump sum inheritance.
Quy Nguyen is Your Annuity Expert
Quy Nguyen graduated from medical school and became a medical doctor to help people, but he chose not to pursue life as a doctor. Instead, he learned about how Annuities and Life Insurance can help others. He utilizes his extensive knowledge to help people just like you with financial savings, retirement planning, their child’s college education, and protection for your family in case of life’s emergencies.
Plan your financial future. It’s better late than never. To learn more about how the right Annuity can help prepare you for your retirement or to sign up for a free consultation fill out the form on the right. A licensed insurance expert will be happy to help you build your unique financial solution.