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Frequently Asked Questions About Annuity
Different people do different things to create a source of income after retirement and annuity is one of those sources. The increase in the popularity of annuity is overwhelming for sure. There was a time when people were not interested in this type of investment but you can now see a revolutionary change in the mindset of people.
Although lots of people know a lot about annuities but there are few who know nothing about this form of investment. Those people always look anxious to get answers to few of their basic questions. Some of the questions and their answers are mentioned below to help these people out.
o It is strange but true that most people don't even know what annuity is all about. Basically, annuity is all about paying an amount on annual basis. It is kind of a contract that is being created by insurance companies and sold by stockbrokers, insurance agents, financial planners and banks.
o What types of annuities are available today? Another common but important question. You can divide annuities in different types. Lifetime annuity, for instance, is a type of annuity which acts like a pension plan. Then you find immediate annuity which is purchased by making lump sum payments to get continuous income for the rest of your life. If you want to save on tax, the best option is available in the form of deferred annuity. These are few of the basic types of annuities that work differently.
o Are annuities advantageous? The simple answer is "yes". If you are interested in guaranteed systematic payments, there is nothing better than annuity. Though they are similar to pension plans and Social Securities but they are better because of the stream of income for the rest of your life.
o What are the important things to know? You must know there is no dollar limit to consider on an annuity investment. But, you will still have to pay something when getting out of it. A total of 10% tax penalty is to be paid for funds withdrawn before the age of 59 1/2. Quitting within the specific number of years also makes you pay some penalty. Due to this particular reason the annuities work in the best way for those who hold them even after 59 1/2. If you are interested in certificates of deposit, you will be better of investing in fixed annuities.
These are few of the most common questions that most people ask from time to time. But, there are others who come with rather complicated questions. However, the answers to those questions can also be found by getting in touch with a right expert. So, the bottom line is that though annuities are complicated but they still work in a fine way for a wide majority of people. So, educate yourself to utilize this great option.
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