An annuity is a retirement savings account into which the investor deposits funds either as a lump sum or as payments over time. The money in the account compounds over the years tax-deferred until the funds are withdrawn. Upon annuitization when the individual is typically ready to retire, the funds are paid out in either fixed or variable payments. There is typically no limit to how much money can be invested in an annuity. For investors who need immediate access to their money, immediate annuities are a good choice. However, most investors opt for the deferred annuities which usually pay out after one is retired.
There are three different types of annuity: fixed, variable and index. To learn which type of annuity would best meet your needs, contact the investment professional at Savage & Associates. We can talk with you about your unique needs to determine your investment needs.
Call 419-475-8665 or fill out our on-line request form for more information or to schedule an exploratory appointment with our experienced professionals at Savage & Associates.