With deferred annuities come tax advantages, easy access to finances, lifetime income, and competitive interest earnings. Sounds like a good deal, right?
Deferred annuities are advantageous to retirees especially, as they provide a reliable source of income long after their working days are over. The payment process is flexible and allows individuals to save up a lump sum of money before the specified time for accumulation. Individuals can also tailor their deferred annuity with a single premium or periodic premiums.
A deferred annuity is a contract that can be surrendered or exchanged for another premium. The process allows you to pay premiums to the company in one of several different annuity programs that are designed to offer competitive interest earnings. Later in life – generally after age 59 ½ – you can make withdrawals from the account, giving you a steady and reliable income stream during your retirement.
The difference between deferred annuities compared to immediate annuities is that payouts begin at a specified date in the future.
The professionals at The Lewis Financial Group can work with you to fully explain the benefits of deferred annuities compared to immediate annuities and help you decide on the best option for your situation. We ensure our customers fully understand how deferred annuities work and gauge your needs to help you put together a comprehensive plan that gives you complete peace of mind.
To learn more and get started on exploring your annuity options, call us today at 866-709-5206.