Annuities have been in existence for well over two hundred years. The very first mention of Annuities in the United States was the use of these products by the Presbyterian Church in 1740 to provide security for the clergy and widows. Annuities allow you to accumulate tax-deferred funds for retirement and then, if you desire, receive a guaranteed income (this process is called Annuitization) payable for life or for a specified period of time: generally a term of five or ten years.
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Annuities are a popular, tax-deferred investment vehicle for those in or near retirement (typically ages 50 to 85) who are looking for:
- A way to save and accumulate money for future needs
- Flexible income benefit options - helping hedge the risk of living too long and outliving your income
- Protection against living too long and outliving assets
- Tax-deferred growth opportunities
- Guaranteed death benefits
Advantages of Annuities:
All annuities have three primary advantages: Tax Deferral, Avoidance of Probate, and a Guaranteed Income (optional) for a fixed period of time, or income for life.
More specific reasons to invest in fixed and immediate annuities:
- You need to safely create wealth for your heirs
- You need tax-deferred growth
- You need your principal and interest guaranteed
- You need your heirs to avoid probate upon your death
- You need an increased death benefit
- You need stock-market linked gains without the downside risk
- You have money that is designated for inheritance
- You do not need more than 10% liquidity annually