ANNUITY INCOME STREAM

What are Annuities &
Types of Annuities

An annuity is a contractual agreement with a financial institution or an insurance company which is meant to provide guaranteed minimum returns on your investment. Annuities can be confusing to some for the simple reason that there are so many of them.

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Immediate Income Annuities

Deferred Income Annuities

Fixed Annuities

Fixed-Indexed Annuities

Indexed Annuities

Variable Annuities

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Immediate Income Annuities

The immediate income annuity is an annuity which upon purchasing instantly begins generating guaranteed income for the annuitant. This type of annuity is most suitable for people who purchase their annuity at the time of retirement and need to supplement their paycheck with guaranteed payments right away. The immediate annuity is terminated upon death of the annuitant which also makes it ideal for retirees who don’t want to outlive their savings. The major drawback with this product is that it cannot be reversed so in the event of an emergency, the annuitant cannot access the full amount of money.

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Deferred Income Annuities

The deferred annuity is the opposite of the immediate annuity in that it delays income payments until the investor elects to receive the funds. This annuity is broken into two main periods: the period where the annuity generates a rate of return and increases the principal and the period where the annuitant begins to receive payments.
The deferred annuity is most ideal for those who are approaching retirement but still have a few years where they plan to continue to work and don’t need their payments to begin until then.
Once the purchaser chooses between immediate and deferred, the annuitant can then choose between a few variations of how their annuity is invested

Fixed Annuities

A fixed annuity is the simplest and most stable of all the different types of annuities. In exchange for the lump sum payment by the annuitant, the annuity provider provides a guaranteed fixed rate of return. The fixed annuity will usually not be tied into the stock market, which is part of the reason for its stability. For those looking for a guaranteed rate of return, with no possible fluctuations on the rate or any risk to the initial principal investment, then the fixed annuity is the right product for you. For those looking for a little more potential for returns, even if there is a potential risk, continue to read on.

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Indexed Annuities

The indexed annuity (also known as the fixed-indexed annuity) is a newer class of annuity which generates returns on the principal investment from a specified equity-based index such as the S&P 500.
This class of annuities is often advertised as being the best of both worlds in that they have the potential to generate a higher rate of return than a fixed annuity – if the index performs well – while avoiding the pitfalls of the variable annuity in that there is still a guaranteed rate of return even if the index performs poorly.

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Scott Storick is a Florida-based broker who specializes in retirement plans for the Palm Beach County, Miami-Dade, and Boca Raton communities.

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