Life insurance provides protection for your loved ones if you pass away before your financial obligations are met, while annuities protect against outliving your assets. An annuity is a long-term investment, and through annuitization, your contributions are converted into recurring payments that can last the full duration of your life.
Whether you have immediate or longer-term needs, you can pick the type of annuity for your situation:
- Immediate: This annuity is purchased with a lump-sum, and guaranteed income starts nearly immediately. Your investment converts into an assured stream of income that is immutable once payments begin.
- Fixed: With this annuity, the principal investment and earnings are both guaranteed and fixed payments are made for the term of the contract.
- Fixed Indexed: This annuity produces returns on contributions based on a particular equity-based index, such as the S&P 500.
The Myerson Agency issues annuities, allowing you to save for retirement. We will do so by bearing in mind, as always, tax consequences, as well as setting up the policy to make sure the money will be passed down to your beneficiary.