Retirement gets Easier with Immediate Annuities

Annuity is a long term investment scheme that can help retirees to enjoy a safe retirement

Englishtown, NJ (prHWY.com) March 14, 2012 - Single Premium Immediate Annuities (or SPIAs) are financial plans that allow you to live securely during retirement. The idea is to surrender your retirement savings to an insurance company, which in turn promises a monthly income for a specified period time or for a retirees lifetime. SPIAs also allow the continuation of income after the death of the retiree for his or her spouse through either a joint annuity or through a specified guarantee period.


The income that is generated via this method greatly varies depending on the type of annuity that is purchased by the retiree. Factors like gender and age affect the retirement income that is to be generated via immediate annuities. The older the retiree is at the time they purchase the annuity, the greater the income they will receive.

State and Federal income taxes are should be taken into consideration. The income taxes that the retiree will have to pay greatly vary depending on whether the annuity is taken with pre-tax savings in the conventional 401(k) or IRA accounts or with post-tax investments.
When the focus is generating income during retirement, the proper product varies with the retiree's goals and situation. All that the retiree needs to do is learn about a particular or a combination of methods to suit their individual needs.

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Tag Words: annuity

Categories: Finance

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