Annuities & Retirement Planning
Secure your future with guaranteed income solutions that last a lifetime.
Annuities provide a reliable income stream during retirement, helping you maintain financial stability when you need it most. With various options designed to match your retirement goals, annuities can be an important part of your comprehensive financial plan.
Types of Annuities
Annuities come in several forms, each designed to address different retirement needs:
- Fixed Annuities: Provide guaranteed interest rates and predictable income payments, offering stability and protection against market volatility.
- Variable Annuities: Allow you to invest in a range of sub-accounts, similar to mutual funds, with the potential for higher returns based on market performance.
- Indexed Annuities: Offer returns tied to a market index like the S&P 500, providing growth potential with some downside protection.
- Immediate Annuities: Convert a lump sum into guaranteed income payments that begin right away, ideal for those already in retirement.
- Deferred Annuities: Allow your investment to grow tax-deferred until you're ready to receive income payments in the future.
Benefits of Annuities
Guaranteed Income
Receive income payments that can last for a specific period or for your entire lifetime, providing financial security regardless of how long you live.
Tax-Deferred Growth
Your money grows tax-deferred until withdrawal, potentially allowing for more significant compound growth over time.
Principal Protection
Many annuities offer protection against market downturns, helping preserve your retirement savings when markets are volatile.
Legacy Planning
Optional death benefit features can help ensure your beneficiaries receive your remaining annuity value if you pass away.
Is an Annuity Right for You?
Annuities can be valuable retirement tools, but they're not one-size-fits-all. They may be a good fit if you:
- Want guaranteed income in retirement
- Are concerned about outliving your savings
- Have maxed out other tax-advantaged retirement accounts
- Seek protection against market volatility
- Want to diversify your retirement income sources
However, annuities involve long-term commitments and may include fees and surrender charges. It's important to understand all aspects before investing.
Get Expert Guidance
At Midwest Benefits Group, we'll help you understand if an annuity fits your retirement strategy. We'll explain the options in plain language and find solutions tailored to your financial goals.
Let's discuss your retirement needs and explore how annuities might complement your financial plan.
Schedule a Consultation