Single Premium Annuities and Rollovers

The single premium annuity is a common investment tool used today for rollovers. With the single premium annuity, you make a single payment into an annuity, then take scheduled payments on that account either immediately or at some time in the future. Although this is usually set up as an immediate annuity, either of these options can be good for your wealth management plans.

Single Premium Annuities:
A Great Tool for Rollovers

Payments from a Single Premium Annuity

When setting up your single premium annuity, you will set a date and a term period for your payments. If you want to receive the money now, it would be an immediate single premium annuity. If you want to use it for a retirement fund, it would be a deferred single premium annuity. You can also have your checks sent to you weekly, monthly, or any other regular period of time.

Taxes and the Single Premium Annuity

Since the single premium annuity is mainly used as a rollover tool, it is very helpful in reducing tax obligations. By directly rolling an existing IRA or 401k into a single premium annuity, you will not have to actually receive the funds, so taxes will not usually be owed for the transfer. To be certain this is true, contact one of our annuity specialists to make sure of the tax laws in your specific case.

Managing a Single Premium Annuity

You can, of course, choose to manage your own single premium annuity yourself. This is not recommended for the average person because the rules and laws governing annuities change frequently. To maximize your earnings and minimize your tax obligations, please take advantage of our free annuity consultations for your single premium annuities needs.

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