Part D IRMAA Rates in 2022
The income-related monthly adjusted amount (IRMAA) is the amount Medicare beneficiaries have to pay on their Part
December 14, 2021
Annuities
You deserve to enjoy your retirement because you’ve worked hard to achieve your goals. While you may have stopped working, you can still earn income through certain investments and other sources. The agents at Cornerstone Senior Advisors want to help you retire happy and enjoy this new chapter in your life!
What Are Annuities?
One way you can generate cash flow for retirement is through annuities. These are investments that pay regular income either instantly or in the future. You can purchase an annuity with a flat fee or a series of payments. The income you get from an annuity is taxed at standard income tax rates.
How Do Annuities Work?
Annuities are flexible. Usually, this is how they work:
- You buy an annuity from an insurance carrier directly or through an agent like us.
- Your money can grow tax-deferred until you take it out.
- You can turn your annuity into guaranteed income upon retirement.
Why Annuities?
People buy annuities because they desire and deserve a guaranteed source of income that isn’t susceptible to market fluctuations. Annuities have a distinct advantage over other investments. Unlike mutual funds, stocks, and bonds, annuities offer predictability and guaranteed income.
Extra Benefits of Annuities
Annuities can provide additional benefits, which can include:
- Protected lifetime income
- Guaranteed death benefit
- Protection from market loss
- A choice of income guarantees
- Retaining access to your money
Types of Annuities
There are many types of annuities that you can buy through an agency like us. They are:
Fixed Annuities pay a determined interest rate no matter how the financial markets perform. If you’re looking for a risk-free, sure-fire rate of return and want to delay paying taxes on your earnings, consider fixed annuities.
Variable Annuities let you pick from an array of investments and pay you income in retirement based on how the stakes grow. They may provide optional living benefits that guarantee retirement income.
Indexed Annuities pay an interest rate based on specific market indexes, like the S&P 500. These annuities give buyers a chance to benefit when the markets do well.
When Do People Buy Annuities?
Usually, annuities are purchased by retirees and those planning for retirement. Sometimes people buy them if they get a large legal settlement. People also buy annuities when they write their wills.
Millions of people use annuities to create protected income and help their retirement savings grow. For all your questions about annuities, call Cornerstone Senior Advisors at (316) 260-3331.