Annuities are products that allow individuals to save for retirement on a tax deferred basis. There are no taxes on gains until the annuity payments are received. During the accumulation phase you can pay into a fixed or variable account.
Annuities are designed to prevent you from outliving your money. When used properly, they are an excellent product to supplement one’s retirement income. Annuities should be used in combination with Social Security, pensions and IRAs.You should be able to get an annuity with a 6% payout of your cash value annually that is guaranteed.
Whatever route you take the issue of outliving your money in retirement is a vital one for you to address. “In my opinion this is the biggest risk retiree’s face and is a biggest risk than losing money in the next market downturn”, says Mike Minter from Mintco Financial.
Mintco Financial Team of Independent Advisors are located in Tampa Florida and Buffalo New York.
If you have any questions please call 813-964-7100 or 716-565-1300
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