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Today fewer businesses are offering traditional pension plans and have turned to annuities to fill a critical gap in retirement portfolios by providing the funding to an annuity that will offer a guaranteed monthly check for their employee for as long as they live. Annuities can be an important part of a diversified retirement portfolio because they can ensure that their retirement income is protected no matter how the market is performing.
Getting money from your annuity will depend on what type of annuity you purchased. You can choose to take the money immediately or with in payments. Payments can be in your choice of payments in one lump sum or choosing a series of payments for a specified period or you may choose to receive guaranteed payments for as long as you live. The amount of money you can take will depend on how much money you have invested into your annuity. Certain types of annuities offer you flexibility to receive protected lifetime income while maintaining access to your money.
An annuity is a long-term insurance product that provides guaranteed income. They are a common source of retirement income because they provide a steady stream of payments at regular intervals and because their earnings grow tax-free until you withdraw funds.
Annuities follow similar basic paths, from accumulation to annuitization to payout.