Annuities - variable annuity, fixed annuity rate quotes.

  annuities - variable annuity, fixed annuity rate quotes.


Learn the types of annuities, variable and fixed annuity, and get a free quote online.  Compare annuities to 401k and IRA retirement plans.

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Did You Know???  Annuities offer a powerful combination of tax deferral, investment options and safety, and are a valuable part of your retirement plan.

 

Annuities allow the investor to combine tax deferred investing with some loss protection. An annuity has the ability to convert money into an income stream either guaranteed for life, the life of you and your spouse, or for a specific period of time.
 
Annuities are retirement savings vehicles. Earnings within an annuity grow tax-deferred until retirement age. You can change annuities or switch the investments within your annuity without incurring a taxable gain. If you withdraw money prior to age 59 1/2 you'll owe a 10% tax penalty on the earnings in addition to any income taxes that are due.

 

Annuities don't have annual contribution limits. Save as much as you wish and make either a lump-sum investment or scheduled contributions. This helps you save additional tax sheltered money after you have maximized your employer's retirement plan and other IRA plans.

Another advantage variable annuities offer is protection for beneficiaries. If you die before receiving income, your beneficiaries will receive, at minimum, the amount you paid into the annuity. Many contracts offer step up benefits where investment gains are locked in regularly so your beneficiaries will receive the higher of either your original investment or the gain as of that lock-in date, even if the value has dropped back down at the time of death. With a mutual fund; however, your beneficiaries inherit only what your account is worth at the time of death, even if it’s less than the amount you invested.


Annuity Information:

An annuity is an investment type insurance product of different types and many have steep fees and hard to understand restrictions.

Some annuities charge as much as 8 percent if you pull out money in the first year or two, with commissions as high as 10 percent for the agent selling the annuity. However, annuities hold a rightful place in some investment portfolios when chosen carefully.

Fixed, Variable and Equity-Indexed Annuities: Fixed annuities offer a set rate of return. Variable annuities' return is based on the performance of investments in the annuity's portfolio. Equity-indexed annuities typically offer a blend of both: A minimum fixed rate of return plus a variable rate based on the return of a particular stock index. This gives you a guaranteed return, combined with a chance to capture the index's market gains. But know that your return may be capped at less than the index's performance.

You can buy fixed or variable annuities that are deferred - that is, you're putting money aside for a future date - or you can buy fixed or variable annuities that are "immediate," where the insurance company turns your lump sum into a monthly income stream.

That monthly payout is a valuable tool to ensure a guaranteed level of income through retirement, but annuitizing your money generally means giving up control of that lump sum.

Many annuity products now offer a variety of add-on features, such as a guaranteed monthly income stream without annuitizing while keeping control of your money. But these features cost extra.

There's an estimated $1.3 trillion in net assets in variable annuities alone. Probably some of those investors would be better off investing directly in the mutual funds they're buying through those annuities. Variable annuities charge annual expenses of 2.37 percent on average, according to investment researcher Morningstar Inc.

Still, Vanguard Group and Charles Schwab & Co. are among the biggest firms selling low-fee annuities, and some products have no early-surrender charges.

Of the various annuity types, immediate income annuities are most likely to get financial planners' thumbs-up, because they may well serve a conservative investor who lacks a traditional pension.


But financial planners disagree when it comes to deferred annuities.

One benefit is tax-deferral on gains, but your retirement account already offers this perk - and it's probably much cheaper. Consider maxing out your retirement accounts before buying a deferred annuity. If you're already at that point, deferred annuities can be attractive since they don't have contribution limits.

Also, annuities offer appealing guarantees. For instance, some guaranteed payouts (those that don't require annuitization) are based on a percentage of your investment, say, 5 percent. If the account grows over time due to market gains, you'll receive the same preset percentage payout, but based on a higher amount. Annuities' guaranteed death benefits also appeal to many investors.

Fees and restrictions

Annuities' annual expenses vary widely. Find out how much you'll shell out each year, and assess whether those fees are worth the benefits. Also, find out what you'll pay if you need your money before the surrender period is finished. Remember that deferred annuities are long-term investments with surrender charges as high as 8 percent on early withdrawals.

Teaser rates

Confirm the rate of return the insurance company is promising, and for how long. For instance, a fixed annuity's guaranteed rate may decline after an introductory period.

Also, the insurer must be financially sound enough to pay benefits over many decades. Check the company's standing with ratings firms such as Standard & Poor's, Moody's Investors Service and A.M. Best.

Tax benefits vs. costs

You'll pay ordinary income tax on payouts from your annuity, unlike the more favorable long-term capital gains rate you'll pay on a regular mutual fund. One perk: Unlike IRAs, you don't have to take withdrawals starting at age 70½. But annuity owners face a tax hit for withdrawals before age 59½.

Inflation crunch

Even though guaranteed income is a major benefit of annuities, that income stream might not look so attractive once inflation takes its toll. You'll likely pay extra for inflation protection, but it's probably worth it.

Obtuse contracts

Planners say annuities are "sold, not bought." Turn that around by comparing products. Given the complexity of these contracts, have an independent financial adviser assess the details before you get locked in.

But don't let an adviser switch you into a "new and improved" annuity. If you haven't yet completed your surrender period, you'll likely pay steep surrender charges, plus start the clock ticking on a new surrender period. Still, a switch might be acceptable if you move into an annuity with much lower annual expenses and better benefits. Make sure your agent makes the switch through a valid Section 1035 exchange to avoid a tax hit.

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No matter how debt happens, getting control of debts is the most important thing to do. The average consumer usually has up to five or more credit cards and owes around five thousand dollars on just one card. One option is to do a balance transfer to a 0% or low introductory card. This can eliminate shuffling all those credit card balances and only have one card balance due each month. However, when a consumer's plan is not working, using a debt professional can help.

 

Debt professionals use several ways to help consumers get control of debts. There is debt consolidation, debt settlement, and credit counseling services. Knowing which service is best for your needs can also be determined by the help of a good professional. Millions of consumers are in debt and are not doing anything. Credit scores are more important than ever, ignoring debts is not a good idea and it can lead to more debt trouble and bad credit scores. Start early before debts are 60 days late and get on your way to being debt free and stress free. Getting out of debt can take time and sacrifices may need to be made until finances are on track.

 

One of the best tips for those who are in debt, is to stop spending money! Get out those bills and total what you really owe. Review all the minimum payments due and plan on paying more for each one that you can. Get a second job or find money in your budget by eliminating or reducing some bills. For example, cut cell phone plans, cancel club memberships, reduce the TV cable plan, and eliminate some hobbies until debts are payoff. It can time and effort to get control, but better credit scores and a less stressful life are the benefits.



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