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You may purchase an annuity by depositing a lump sum or by funding the contract over time with a series of premium payments. The annuity will pay out over whatever period is specified in the contract.
The payments (deposits) may be made weekly, monthly, quarterly, yearly, or at any other regular interval of time. Annuities may be calculated by mathematical functions known as "annuity functions". An annuity which provides for payments for the remainder of a person's lifetime is a life annuity. An annuity which continues indefinitely is a ...
Annuities are a tool that can create reliable retirement income that can last as long as you do. Each annuity is a contract between you and an insurance company: You provide the company money now ...
In the United States, an annuity is a financial product which offers tax-deferred growth and which usually offers benefits such as an income for life. Typically these are offered as structured products that each state approves and regulates in which case they are designed using a mortality table and mainly guaranteed by a life insurer.
An immediate retirement annuity is an annuity that is purchased in a single lump sum, and payments on it begin immediately (30 days to 12 months), after the entry into force of the contract (there is no accumulation phase). An immediate annuity is good for turning a large amount of money into a source of permanent income (some kind of pension).
An annuity is an especially good option for those who are approaching retirement age, are expected to live a long time, and have a decent nest egg saved up. It might not be a great fit if you don ...
Fixed annuities: These earn a guaranteed rate of return based on an interest rate set by the insurance company. Variable annuities: These allow you to invest in a selection of sub-accounts, which ...
A guaranteed annuity or life and certain annuity, makes payments for at least a certain number of years (the "period certain"); if the annuitant outlives the specified period certain, annuity payments then continue until the annuitant's death, and if the annuitant dies before the expiration of the period certain, the annuitant's estate or ...
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