Annuities
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Finding The Best Annuity Rates For You
Annuities offer guaranteed lifetime income for your retirement. Choosing the right annuity for you is critical — because there are numerous different types and they can be complex. As a Certified Annuity Specialist, Jarvis Financial Inc. demystifies the annuity world. We will explain all the implications, options, and benefits.
Annuities And You
Annuities have become more popular with high net worth investors looking for the safety traditionally offered by bonds. Our educational consultation method will help you find the best product for your unique situation and fit with your wealth management strategy.
Why Fill Out Our Form?
- Discover the best product for your unique situation to provide guaranteed lifetime income for your retirement.
- Learn the implications, option, and benefits that annuities have to offer and how they can work to your advantage
- Grow your wealth and enhance your Investment Plan with the help of the annuity experts at Jarvis Financial Inc.
Many satisfied customers have benefited from our annuity advice, and there is sure to be a specific product that will enhance your investment plan.
Advantages Of Annuities
Tax- Deferred Growth
Guaranteed Lifetime Income
Income And Health Flexibility Through Riders
Legacy Benefits
Protection From Creditors
What Are Annuities?
How An Annuity Works
An annuity is an investment that pays you back over a long period – often for the rest of your life. The guaranteed income payments are designed to help you cover costs and protect yourself from the risk of not having enough money later. With annuitization, your initial investment (what you contribute) is turned into regular payments that last for as long as you need them. Annuities are issued by life insurance companies and can help make sure you don’t run out of funds during retirement.
An annuity contract is a document that you sign that legally binds you and the insurance company. This means that the responsibility for whether or not your savings will last through retirement shifts from you to the life insurance company. You pay premiums as outlined in return for this service.
How Are Annuity Rates Set?
Interest rates fluctuate based on the type of annuity. For example, the issuing insurance company sets a fixed rate. This guaranteed rate usually applies for 2-20 years.
Annuity contracts are more complex when it comes to setting interest rates. Take, for instance, a fixed-indexed annuity with a rate based on growth in an equity market index–like the S&P 500 or Nasdaq–and a fixed rate.
Why Do People Buy Annuities?
Is an annuity a good investment for retirement planning? Annuities provide security, long-term growth, and retirement income, which you can manage to fit your personal preferences regarding risk and amount of income. They also insure against the possibility that you will live longer than the money saved for retirement lasts.
What Are The Different Types Of Annuities?
Fixed Annuities
This is the vanilla option. As the name suggests, a fixed annuity will yield a fixed return. The advantage is the certainty of the future payments but the returns will be limited — but higher than a bank CD. They can work well as a conservative hedge accompanying other investments.
Indexed Annuities
Indexed annuities offer guaranteed reward with minimal risk. Rather than paying a fixed rate of interest, your return is based on the return of a specific market index, such as the S&P 500. The yield of the annuity is tied to the performance of that index. Different Indexed Annuities use different Participation Rates, which will limit any loss or payout depending on which you choose.
Variable Annuities
Variable annuities offer investors the chance of higher returns. These are the only annuities that come with a degree of risk. Here the annuitant chooses from a menu of sub-accounts containing mutual funds of stocks, bonds and currency market products, with the return dependent on the sub-account’s performance.
Multi-Year Guaranteed Annuities - MYGAs
MYGAs are similar to bank CDs, but with better returns. In 2024, MYGAs offer some of the best annuity rates ever. Your MYGA will earn a fixed rate of return over a specified period of time, generally 3-10 years. During that time the insurance company has no power to reduce your interest rate, so they are ideal for people looking for income planning over a longer period. You know exactly what you are going to get.
Those are the basics!
Eliminate the Guesswork
Your consultation with Jarvis Financial Inc will eliminate the guesswork while covering other important considerations when considering your annuity options:
Tax Implications of Annuities
One of the great advantages is that they are tax-deferred in the accumulation phase. However, they are treated as income in the annuitization phase — when you start to receive payments. Jarvis Financial Inc. will help you plan the timing of your annuity payments — taking into account Social Security, pensions, and other investments — in order to achieve tax efficiency.
Riders On Annuity Contracts
Riders are additional, optional elements of an annuity contract offering flexibility and benefits. These include Income Riders — which give you advantages of when and how you receive your return — and Health Riders, which can be critical for your financial security in retirement. Riders generally mean additional fees, so it is critical that any annuity enhancements are in line with your overall plan.
Fill Out Our Form Today
Annuities can be complex, but that also means that there are many annuity options available to you. Let the experts at Jarvis Financial Inc. find a product with the best annuity rate that will also help protect and guarantee your income in retirement. Complete the form above (or get in touch with our team if you require assistance) and we can get started today!
