When it comes to protecting your financial future, it can be hard to determine how much money you’ll need for retirement. Additionally, you want to ensure that you have enough funds to keep your family financially secure after you pass. Ensure that you have both covered with life insurance annuities. An annuity policy helps to ensure that you won’t run out of money in retirement. It’s a type of investment account that pays you a portion of what you put in plus interest. That way you’re guaranteed an income even after you’ve settled into retirement. However, keep in mind that these types of plans are designed to be used later in life. You pay into it while you’re young and then can start to withdraw without tax penalties after age 59½. Check out what you need to know about how life insurance annuities can help you.
When looking for an annuity policy, look for a fixed deferred annuity. That way your money will continue to increase until you choose to make a withdrawal. It’s a good way to ensure that your funds continue to grow.
Help prepare you for retirement.
When you take out a fixed deferred annuity, you can guarantee that you’ll have a set income for the rest of your life. Having a fixed income can help to lift financial burdens off your shoulders as you enjoy retirement.
Hold off on taxes.
With a tax-deferred annuity, you’re able to wait to pay taxes until you withdraw your funds. Your funds will grow faster, but keep in mind that you’ll still have to pay taxes later.
Death benefit option.
Not only does the annuity help to keep you financially stable during retirement, but it helps to give benefits to your loved ones after you’re gone. Like life insurance, it helps to ensure that your loved ones are covered financially.
Ensure that you get enough life insurance coverage to protect your family. The professionals at Phocus Insurance can find you the best policies for your needs. Located in Phoenix, Arizona we serve all your personal and commercial insurance needs. Contact us for more information.
We are PROUD to have been selected to join the Rosie on the House Partnership Program --- representing al the great listeners, friends, and family of the Rosie Romero "Rosie on the House" program.
Our family has been writing Rosie and Jennifer Romero's personal (and now business insurance) for the past 30 years right here in Phoenix, Arizona.