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Immediate Annuities in Tampa Bay
Planning for retirement has changed a lot throughout the years and will continue to do so. The amount of pensions is dwindling each year and the future of Social Security is in doubt. This is why it is important for people to prepare now for their retirement future. To reach this goal, many people have chosen immediate annuities.
What Is An Immediate Annuity?
Before we can explain the details of this product, we must first discuss annuities in general. Annuities are financial products that function as an agreement between a person and an insurance company. On one side, the annuity owner makes a lump sum payment to the company. On the other side, the company agrees to make regular payments back to the individual at a later time. In respect to when these payouts happen, there are two basic types of annuities: deferred and immediate. Deferred annuity payments start at later date and time while immediate annuities can start payouts almost immediately.
For those in need of regular income payments within a short amount of time, immediate annuities are a common selection. Immediate annuities feature tax-deferred growth, which means you don’t need to pay taxes on this increase until the money is withdrawn.
There are many companies out there that market immediate annuities, providing you with many different options. By working with The Holland Group, you’ll have access to many of these companies and have options available as you select a Tampa Bay immediate annuity. Through this structure, we’re better equipped to find an annuity that meets your needs.
Find out more about immediate annuities by meeting with one of our experienced financial professionals in the Tampa Bay area. We’ll be happy to discuss your financial and retirement goals to decide if one of these products would be a good fit for you. Please call us now to schedule your appointment.