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Anthony J. Bardi
Registered Representative
Enrolled Agent, LTC# 454
Tax and Financial Solutions, Inc.
151 SE 223rd Avenue
Gresham, OR 97030
Phone: 503-666-7909
May/June 2020
Annuities for Longer Lives
Fewer Americans can count on a guaranteed retirement income these days other than social security benefits, which are little more than a safety net. A fixed annuity* can offer this certainty. For some people, converting a portion of 401(k) plan or IRA balances to a fixed annuity may make more sense. There are a couple of ways to do this.
A Matter of Time
Annuity income payments can begin in one of two ways. An immediate annuity begins payments to you immediately, and a deferred annuity begins paying you at a future date. You get the annuity’s guaranteed interest rate credited to your account balance during the accumulation phase, and then receive a fixed income payment based on the rate when payments begin, and the length of the annuity contract.Varied Options
Because time is so important, how and when you structure your annuity matters, with longer terms resulting in lower periodic payments. Consider buying an immediate annuity by partially converting other retirement money, leaving open the possibility of converting more at a later date if needed.Or you might purchase a deferred annuity that begins income payments in 10 or more years, increasing the accumulation phase and reducing the payment term. You can use other money to purchase a deferred annuity at any time.
Work with an insurance professional who can help you make the appropriate choice.
*Fixed annuity contracts guarantee a minimum credited interest. For immediate fixed annuity contracts, annuitants receive a fixed income stream based, in part, on the interest rate guarantee at the time of purchase. Annuity products are not FDIC-insured, and any guarantees are backed solely by the claims-paying ability of the issuing insurance company. Withdrawals prior to age 59 ½ may result in a 10% federal tax penalty, in addition to any ordinary income tax.
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Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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