Employee Benefits and Annuities
You may be saving for retirement in a company-sponsored benefits program. Did you know that you can augment those savings by establishing a personal annuity program? A properly designed annuity program can offer you tax-deferred earnings plus the ability to direct your money in different accounts.
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Beyond Benefits-How an Annuity Helps You
One of the great advantages of an annuity is that there is no maximum or cap on the amount of money you can put into it. In fact, many people purchase an annuity after their 401(k) program has been maximized. If you did this, it would give you your normal pension, your 401(k) program, and the additional coverage an annuity provides.
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Deferred Annuity Benefits
A deferred annuity is a type of long-term personal retirement account designed to help grow your assets, and provide a steady income stream once you are retired. You can find rates for deferred annuities here.
- CD-type deferred annuity - A CD-type annuity is a fixed-rate annuity in which the interest rate is guaranteed until the maturity of the contract. In other words, if you buy a five-year CD-type annuity you're guaranteed to get the stated interest rate for all five years so long as you don't cash the contract out early. You can find rates for a CD-type deferred annuity here.
- Annually Renewable deferred annuity - A traditional fixed-rate deferred annuity, sometimes referred to as an annually renewable deferred annuity, grows at an interest rate which is reset each year at the discretion of the insurance company. You can find annuity rates for this type of annuity here.