Need an Annuity Quote in Florida?

 
Annuities, which are insurance contracts, come in many shapes and sizes. They include fixed-rate, in which the principal compounds at a pre-set rate; variable, in which the principal appreciates based on the performance of an underlying mix of stocks and bonds; deferred, which require an upfront investment with payouts down the road, and immediate, which turn a lump sum, upon purchase, into guaranteed monthly payments for life. 

One attractive feature of annuities is that, as with most individual retirement accounts, or IRAs, balances grow tax-deferred until withdrawals begin. Even more important these days, annuities help remove investors' worst fears: losing principal and running out of money in retirement.

Variable annuities also resemble an IRA because withdrawals can begin after you turn 59½. But there the similarity ends. Given a dizzying number of features and restrictions, contracts for some annuities -- variable and otherwise -- can run 300 pages or more. And because each comes with its own small twists, these products can be very difficult to compare.

People who buy annuities are those who want to save money for the future, or those who are currently making large salaries, but aren't sure how consistent the salaries will come in. For example, professional football players may make $1 million a year, but only be able to play professionally for five to 10 years. A lot of professional athletes invest in annuities to ensure that they get monthly payments back over their lifetime, so they don't spend all their money at once and have a monthly stream of income during retirement. 


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