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Fixed Annuities

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Fixed Annuities Throughout Tampa Bay

Has your financial future been on your mind a lot recently? Do you have a retirement plan that includes your children’s well-being?

Navigating your finances isn’t easy. It can also be stressful to figure out where and when you need to place your savings. At The Holland Group in Tampa Bay, Florida, we help people discover the answers to these and many other questions about financial products. As financial professionals, we can help you work towards a more secure financial future.

Fixed annuities can be a great way to help you plan for the future with a steady and reliable source of retirement income.  Even if you are unfamiliar with fixed annuities, don't let that keep you from considering them for a portion of your retirement portfolio.  We can teach you about fixed annuities and help you determine if they are appropriate for you.

What Are Fixed Annuities?

An annuity is a long-term contract between an individual and an insurance company.  It is designed to offer you tax-deferred interest credits and, when you're ready to receive income, a variety of guaranteed payout options.  Traditional fixed annuities provide a guaranteed interest rate for a specific number of years.  Traditional fixed annuities can be an option for those looking for a conservative way to accumulate money for fixed living expenses in retirement.

Advantages of Traditional Fixed Annuities

Here are some of the benefits of traditional fixed annuities:

  • Predictability – You will receive a fixed interest rate for a specific period of time, typically one, three or five years.
  • Tax deferral – All of your money grows tax deferred until you begin receiving income or money is withdrawn from the annuity.  Because taxes are deferred until you begin taking withdrawals or receiving scheduled income payments, you may be able to grow your money faster in a fixed annuity than in a financial vehicle that is taxed annually.  Once you begin receiving payments, they will be taxed as ordinary income and, if you take withdrawals prior to age 59 1/2, a 10 percent federal additional tax may apply.
  • Reliability - Traditional fixed annuities can provide a steady, reliable source of supplemental income during retirement.  With some fixed annuities, you are able to withdraw a certain amount of money each year without penalty prior to annuitizing the contract.  However, withdrawals will reduce the contract value as well as the value of any long-term protection benefits.  And, if you withdraw more than the "free" amount allowed you may be subject to a surrender charge.

Annuity product guarantees and protection benefits are backed by the financial strength and claims-paying ability of the issuing insurance company.

Contact The Holland Group

If you have questions about fixed annuities or want to schedule a consultation, call our office in Tampa Bay.