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Most simply, an annuity is a contract issued by an insurance company that allows you to invest money for the long-term and accumulate earnings on a tax-deferred basis. This means that interest accumulates free from federal, state, and local taxes until you withdraw money from your account – usually at retirement. Money withdrawn prior to age 59½ is generally subject to a 10% Federal income tax penalty as well as ordinary income taxes.
Annuities are unique investments in that they are specifically designed to generate retirement income you won’t outlive, making certain there is a steady stream of income to assist you in achieving a comfortable retirement*.
To learn more about annuities, select either "Fixed Annuities" or "Variable Annuities" on the above toolbar.
*According to annuitization selected. Guaranteed by the claims paying ability of the insurer.
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