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By Deborah L. Alexander
Who Should Go in for an Annuity?
Information you’ll need before getting an annuity rate quote, for investment, retirement, or life insurance.
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By Deborah L. Alexander
OverviewAn annuity is a retirement savings vehicle that can supplement your retirement plan.TimeframeAn annuity can be used if you do not need to access the money invested until after age 59 1/2.Tax DeferralInterest grows inside the annuity on a tax-deferred basis. If you are in a higher tax bracket currently but expect to be in a lower tax bracket when you access the annuity, you are in a good position to invest in an annuity.Max Out Your 401kIf you have reached the maximum that you can contribute to your 401k, an annuity can help you continue to save.Self-EmployedAn annuity can be used as an IRA vehicle or a SIMPLE plan.Special Needs ChildrenA parent can set up an annuity that will pay expenses for a dependent child after the parent’s death.Death BenefitsAnnuities have death benefits that do not require you to submit to medical underwriting.ResourcesreferenceSuitability of AnnuitiesresourceNational Association of Insurance Commissioners
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