The Life Annuity:
Managing Income for Your Lifetime
Basics of the Life Annuity
The life annuity is another popular investment tool for people with an eye on their retirement. They come in many types and variations, but all are basically structured to take the money you invest and provide you with an income from your life annuity from your retirement until you die.
Different Types of Life Annuities
As with every annuity, a life annuity can be arranged in a variety of ways. The deferred life annuity, fixed life annuity and variable life annuity are just three options available. Choosing the best life annuity for your needs can be a tough decision, and is best left to professional counselors.
The Life Annuity and Taxes
Provided you make deposits into your life annuity with after-tax dollars, the only tax obligations you will have will be for the earnings on your life annuity. This can make the life annuity a perfect tool for your retirement planning.
Income for Life With the Life Annuity
The life annuity is designed to provide you with an income for the remainder of your life after retirement. This means that any money left over in the life annuity at the time of your death will remain with the insurance company. Even so, it is an excellent tool for saving for your future for those who intend to live healthy lives.
Managing a Life Annuity
If you are considering planning for your retirement with a life annuity, you may be able to set it up and manage it yourself. Because of the many variables involved, this option is not for the novice, so it is best to seek sound financial advice before doing this. To make the best decision for your needs, use the free annuity counseling service we offer everyone. It will help you feel safer in knowing you've made the best decision regarding your life annuity.
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