Annuity Planning on Long Island
With more and more people living to an advanced age, you may be concerned about living past your retirement age. Annuities are great investments if you’re concerned about this. Annuities can also give you peace of mind if you’re concerned about long term health care costs. They can also help you in your tax planning.
There are many types of basic annuities that you should become familiar with while planning your retirement. Blair Insurance can help you find the right one for you.
A deferred annuity accumulates over time and begins to pay out much later, usually around retirement. You can choose to be paid in installments or in one lump sum payment. There are two phases to this plan. The savings phase, when you pay into the investment and the income phase during which you receive the payment.
An immediate annuity is an investment that is usually purchased. It also begins to pay out as soon as the annuity is bought. It gives you a regular source of income until you die, at which time payments are no longer given out.
A fixed annuity is an annuity contract where the purchaser is guaranteed to be paid a set interest rate, allowing for predictability in the investment. The rate may be immediate or deferred.
A variable annuity is an agreement which allows its owner to choose options in order to create a return based on the performance of the investment. They are similar to mutual funds, but they pay a death benefit and allow for periodic payments made to the purchaser of the annuity. Taxes are deferred and not payable until money is withdrawn.
To find out more information, contact Blair Insurance today by calling (631) 923-1884. We can help you decide which annuity meets your needs. If you need to assess where you are with your retirement planning, check out or retirement calculator.