Annuities – Grow Your Retirement Savings
Invest in your future with a tax-deferred annuity. This contract helps you save for retirement and earn tax-deferred interest, ultimately providing a steady stream of income to safeguard your financial stability.
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Based in Sparks | Serving all of Nevada
Annuity Investments – Senior Insurance Agency
We help Nevada residents explore their annuity options and protect their hard earned money.
Explore Your OptionsWhat Is an Annuity?
Annuities are a financial product that is often used during retirement. Plan holders fund the annuity with a lump sum payment. This annuity investment grows over time with tax-deferred interest.
Upon annuitization, you’ll receive payments on a regular basis, payments you can use to supplement your income.
Types of Annuities
Fixed Annuity
A traditional fixed annuity pays a fixed, guaranteed interest payment on the funds invested, providing a guaranteed financial return. This means the interest rate stays the same throughout your selected early withdrawal period. Fixed annuities are a popular choice for retirement income due to their low risk.
Variable Annuity
With a variable annuity, your money is invested in mutual funds that are tied to market performance. You can choose what investment vehicles you’d like to use. This means that the interest rate and overall payout can vary significantly. Variable annuities can provide higher returns than fixed annuities, but they also come with higher risk. Senior Insurance cannot offer these types of annuities.
Deferred Annuity
With a deferred annuity, you’ll make initial investments now and receive payments later. The money grows over time, with payments starting after a pre-defined period of time. Deferred annuities can be either fixed or variable.
Immediate Annuity
Immediate annuities are funded with one lump sum, and start making monthly payments immediately. There are both immediate fixed annuities and immediate variable annuities on the market.
How We Help You
Retiring is an exciting step forward in life, but it also comes with some significant financial changes.
At Senior Insurance Agency, we help Nevada residents understand their insurance and investment options as they transition to a fixed income. Our agents take the time to get to know you and your financial needs and will guide you through annuity and life insurance options to help you make an informed decision.
Why Choose Us?
When you’re looking for an annuity policy, the last thing you want to deal with is confusing jargon or overwhelming sales tactics.
At Senior Insurance Agency, we put the focus on you. Our knowledgeable agents break down your options in a friendly, welcoming environment and answer your questions every step of the way.
Frequently Asked Questions
The answer to this question depends on your individual financial goals, risk tolerance, and retirement planning needs.
Annuities can provide a stable and predictable income stream, which is particularly valuable for retirees looking for financial security. The tax-deferred growth on earnings can be an advantage, especially for those in higher tax brackets during their working years.
Additionally, the ability to select between fixed, variable, or indexed annuities allows for customization based on one’s risk appetite and desired returns.
Annuities are designed to provide income for the duration of the annuitant’s life. Once the payout phase begins, the annuity will continue to make regular payments until the death of the annuitant. This lifetime income feature makes annuities particularly attractive for those seeking financial stability and security in their retirement years, ensuring that they will not outlive their income source.
There are also options to customize the duration of payouts with certain types of annuities. For example, some annuities offer a guaranteed period (such as 10 or 20 years), known as a period certain, which ensures that payments continue to a beneficiary if the annuitant dies within that period.
Alternatively, joint life annuities provide payments for the lifetimes of two individuals, typically spouses, ensuring that income continues until the death of the surviving spouse.
A life annuity is structured to provide payments for the entire lifetime of the annuitant, effectively ensuring that the individual does not outlive their income. This guarantees financial stability, as the annuitant will continue receiving payments regardless of how long they live. This feature is particularly beneficial for those concerned about longevity risk and the potential of depleting their retirement savings.
However, the specific terms of the annuity contract matter. For example, if the annuity includes a period certain and the annuitant dies before the end of that period, payments will continue to a designated beneficiary until the end of the period.
If there is no such period and the annuitant passes away, the payments typically stop.
The continuation of annuity payments after the death of the annuitant depends on the type of annuity and the options selected at the time of purchase.
For a standard life annuity, payments typically cease upon the death of the annuitant, meaning there are no further benefits paid out. This is why life annuities can often provide higher periodic payments compared to other forms of annuities, as the risk of outliving the annuity is absorbed by the insurance company.
However, there are variations like joint life annuities and annuities with a period certain, which can continue payments beyond the annuitant’s death. In a joint life annuity, payments continue until the death of the second person, usually the spouse. An annuity with a period certain guarantees that payments will continue to a beneficiary if the annuitant dies before the end of the specified period.
These options can provide additional security and peace of mind, ensuring that loved ones receive financial support even after the annuitant’s passing.