North Augusta Annuity Plans
Larkins & Associates Financial Services LLC can help eliminate the worries of outliving your income and savings by offering annuities that are designed to provide a reliable cash flow throughout your retirement. Our North Augusta insurance advisers can help you choose from a range of flexible plans that will allow you to protect your savings and generate a reliable stream of income for your golden years.
Why Purchase an Annuity?
There are various benefits to purchasing an annuity to supplement your retirement including:
- Guaranteed income for the duration of the annuity
- No annual limit to contributions
- Prior to withdrawal, all investments into the annuity are tax-deferred
- Beneficiaries are eligible for death benefits
Basic Types of Annuity
Fixed Annuities:
Receive a fixed monthly payment for life when you pay upfront. A fixed annuity provides you with a steady income that remains unaffected by market changes.
Benefits of a Fixed Annuity:
- An anticipated return you can count on
- Income growth potential
- Tax deferred growth
- Guaranteed minimum interest rates
- 100% protection of your accumulated wealth
- Access to your money for unexpected events
Variable Annuities:
Variable annuities offer guaranteed income for life, in addition to the potential increase earnings from underlying investments. Despite a certain level of risk, this type of annuity offers the chance to significantly boost income while offering flexible payout options.
Benefits of a Variable Annuity:
- Income growth potential
- Guaranteed income
- Protected lifetime income
- Legacy protection
- Tax advantages
Annuity Payout Options
There are two primary forms that annuity payouts can take. Both have unique benefits, and drawbacks.
- Life Annuity; this format of annuity offers the highest income, but can’t be paid out to a beneficiary in the event of recipient death. There are numerous factors that may influence your maximum and minimum payments including age, sex, current interest rates, and cost of living.
- Term Certain Annuity; this format is payable for a fixed time that is decided by the purchaser of the annuity. The minimum and maximum payments of this format can also fluctuate based on a variety of factors.
Consult with a Larkins & Associates Financial Services LLC adviser in North Augusta to answer any of your insurance and annuity questions. We look forward to hearing from you!