There are many reasons that individuals might consider an immediate annuity. An immediate annuity is one in which one single lump sum is made to fund an account, and then the individual can start taking out payments right away.
If you are already retired and need the income to live on consider:
An annuity can.....
Help protect you against outliving your assets. Social security pays retirement income for as long as you live, as do defined-benefit pension plans. But the only other source of income available that continues indefinitely is an immediate annuity.
Help protect your assets from creditors. Generally the most that creditors can access is the payments from an immediate annuity as they’re made, since the money you gave the insurance company now belongs to the company. Some state statutes and court decisions also protect some or all of the payments from those annuities.
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