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If you’re near retirement, or planning to retire soon, you have most likely heard that annuities can be a way to create a life-long income stream, protect your principal, provide a death benefit (legacy) to your beneficiaries, or simply defer year-end taxes. In today’s investment and retirement planning world, there are a lot of misconceptions regarding the various annuities available in the marketplace; many with differing benefits, features, and potential guarantees. Following is a list of the various types of annuities:
Contact a LPL Financial Representative today to discuss if an annuity makes sense for your retirement plan.
*Fixed and variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value.
What Is an Annuity?