Annuities are insurance products that will pay out an income and are a popular option for a retirement strategy. If you are looking for a steady form of income for your retirement this could be a great option for you. At Stonehenge Advisor Group LLC we are experts in annuities and we have helped clients in Philadelphia, Pittsburgh, Allentown, and the rest of Pennsylvania, I want to help you with your annuity needs and questions.
Basically, the way annuities work is that you would make an investment in an annuity, and after a period of time, it will start paying you back. You also have options on how you will receive those payments. You can choose between monthly, quarterly, and annual payments, there is also a lump sum payment option. There are different factors that determine the size and the length of your payment.
The biggest factor when it comes to determining your payments is choosing between a variable annuity and a fixed annuity.
A variable annuity will let you choose from a few investment options, and the level of your payment is determined by the performance of the investment that you choose. That is why it is variable since there is no set amount since the performance of the investment that you choose will determine that.
A fixed annuity pays out at a guaranteed rate of interest. You can choose between having your payments deferred or immediate. Fixed annuities are popular with people who want the convenience and predictability of knowing exactly the kind of income stream you can expect from their fixed annuity.
The decline of companies offering pensions and the issues with Social Security benefits, has left a lot of retirees without a good source of guaranteed retirement income. A good alternative is an annuity to fill in any holes in your retirement income. If you have been wondering if an annuity is the right option for your retirement talk to us, We can show you the annuity options that are available to you.
