Choose An Annuity That's Best For You
The quotations on the previous page were for an Immediate Income Annuity. This type of annuity is especially useful in retirement for providing supplemental income. When you purchase an immediate annuity you exchange control of your money for the guaranteed income that the annuity provides. An immediate annuity cannot be cashed in.
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There are many other types of annuities which give the buyer some control over his or her account and which can be "surrendered" for their cash value. These types of annuities are designed more to provide tax-deferred growth than immediate income. Here is a brief overview of the various types of deferred annuities we offer:
- Annually Renewable Deferred Annuity – This type of annuity resets the interest rate credited to your account each year. The interest rate guarantee extends for one year at a time. You can find 100's of Annually Renewable annuities listed here.
- CD-Type Deferred Annuity – This type of annuity offers an interest rate which is guaranteed over a longer period of time, usually between three and ten years. This annuity is sometimes referred to as being "CD-like" because it is similar to a CD (Certificate of Deposit) you buy at a bank. These annuities can be cashed in early, but just like CD's, there are surrender charges associated with an early withdrawal.
- Equity-Indexed Annuity – This type of annuity offers a stock market-driven investment with potentially attractive returns and a guaranteed minimum return. There are several indexing methods used to determine account values, each with its own variations and benefits. You can Equity-indexed annuities listed here.
We had heard about annuities and were investigating them for our IRAs. We also heard bad things about pushy brokers over the years. So when we went to the ImmediateAnnuities.com site we were skeptical about calling them. But whenever we called their staff was really friendly. They answered all our questions and one of their reps even told us that at our ages there was no advantage to buying the annuity with our IRAs. These guys are really honest!