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An annuity is essentially an agreement between you & an insurance company in which you make either a lump-sum payment or series of payments over time, & in return, you receive regular disbursements, beginning either immediately or at some point in the future (usually retirement) that are often designed to last for a specific period of time, or for the rest of your life. Funds for all non-immediate annuities accrue on a tax-deferred basis & can only be withdrawn without penalty after age 59½. Aside from the differences in when & for how long you receive your annuity payments, as previously mentioned, there are 3 main ways annuity funds can accumulate, each with their own unique trade-offs.
Due to their complex nature, variety of available options and costs, please contact us for more information on:
Most annuities will also have the ability to add additional benefits & features called "riders" but they will usually have an extra cost associated. Additionally, if annuity owners want or need to withdraw funds in the first handful of years, they often times can be subject to a surrender charge.
For these reasons, the complex nature of annuities & the differences between annuities & their issuing companies, it is always prudent to first discuss your financial needs & goals to determine if an annuity is an appropriate investment for you.
At McCaffrey Wealth Management, we welcome the opportunity to speak with you & will provide a free consultation to assess your financial needs & our ability to work together. If you have any questions, please send us an email or give us a call. For your convenience, you can also schedule a meeting using the button below.
firstname.lastname@example.org - 832-400-4688