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Annuities
Many people worry about whether their savings will last the life of their retirement. See a side-by-side overview of Jackson's fixed annuities and their respective features — including specifications and contract details. Now that you know how annuities work, I want you also to know the ways in which they don't necessarily work well for investors. In order for an annuity to qualify as a legitimate insurance contract-which is what allows it to enjoy certain tax advantages - someone has to be insured. The guarantees involved are backed by the claims-paying ability of the issuing insurance company. MetLife variable annuities are offered by prospectus only, which is available from your financial professional. And yet there's a lot of confusion and misinformation out there when it comes to annuities.|Annuities can provide you with a guaranteed income payable for either the rest of your life or a fixed number of years. Jackson Single Premium Immediate Annuity is issued by Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and in New York by Jackson National Life Insurance Company of New York (Home Office: Purchase, New York). If you're looking to protect your savings from market fluctuations, certain types of annuities can provide growth potential with protection from market loss.
Fixed annuities invest primarily in government securities and high-grade corporate bonds and provide a guaranteed, fixed rate of return typically over a period of one to ten years. The products referred to on the New York Life Annuities web site may be offered or sold only to persons in the United States and Guam. Some variable annuities allow you to protect your investment against loss, while still participating in potential market growth. An annuity can offer tax-deferred growth coupled with insurance features that you may find attractive.|An annuity (regardless of what kind of an annuity it is) is a contract (policy) between you as the policy holder and an insurance company. Please note after the initial term (1, 3 or 6 years), renewal rates are declared on the corresponding contract anniversary for the new term. Jackson issues other annuities with similar features, benefits, limitations and charges.
For the privilege of having your taxes deferred the insurance company where your variable annuity is held is charging you many fees, as well as the potential surrender charge. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased, or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company. Variable annuities are usually appropriate for those with longer time horizons or those who are better able to handle market fluctuations. Valuation of life annuities may be performed by calculating the actuarial present value of the future life contingent payments. MAX fixed annuities are designed for clients with a shorter retirement time horizon.|Additional fees typically apply for special features, such as a guaranteed minimum income benefit or long-term care insurance. Retirees are in that group, but investors should start paying attention to annuities in the several years leading up to retirement — especially in the current market environment. A taxable investment's return and its relative advantage versus a tax-deferred investment may be impacted by investment losses as well as tax rates on capital gains and dividends. The insurance company promises you a minimum rate of interest and a fixed amount of periodic payments. Variable annuities allow the owner to receive greater future cash flows if investments of the annuity fund do well and smaller payments if its investments do poorly. Annuities are often just one component of a retirement strategy that could include Social Security, 401(k) plans and/or IRAs.
An annuity allows a customer to deposit money (premiums) with an insurance company that can earn interest and grow on a tax-deferred basis with the agreement that the insurance company will then provide a series of payments back to the customer at regular intervals. The contract owner, not the insurance company issuing the contract, assumes investment risks.|An SPDA is a contract between you and an insurance company that guarantees you a specific interest rate for a specific period of time. Insurance products are offered through non-bank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies. Similar to IRAs and 401(k) plans, money withdrawn from annuities before age 59½ are generally subject to a 10% IRS penalty. While tax is deferred on earnings growth, when withdrawals are taken from the annuity, gains are taxed at ordinary income rates, and not capital gains rates. Like all annuities, an index annuity is a contract with an insurance company for a specific period of time. Annuities allow your money to grow tax-deferred until you begin taking payments.
The perfect time to have purchased an immediate annuity, for example, with respect to interest rates, would have been in the eighties, when interest rates were high, not in the late nineties, when interest rates are relatively low. Payments with or without proportion - if ‘with proportion' is selected and you die, a proportion of the next income payment due is paid based on the number of days since the last income payment and the date of your death.|The money grows tax deferred, meaning you do not pay taxes until you take the money out.Guarantees apply to certain insurance and annuity products and are subject to product terms, exclusions and limitations and the insurer's claims-paying ability and financial strength. Deferred annuities can be a good way to boost your retirement savings once you've made the maximum allowable contributions to your 401(k) or IRA.1 Like any tax-deferred investment, earnings compound over time, providing growth opportunities that taxable accounts lack. Some people look to annuities to insure” their retirement and to receive periodic payments once they no longer receive a salary.
In most cases, the fees for the insurance companies alone will amount to about 1.5% - 2% a year, right out of your pocket. An annuity is an insurance product that allows you to swap your pension savings for a guaranteed regular income that will last for the rest of your life. Certain and life annuities are guaranteed to be paid for a number of years and then become contingent on the annuitant being alive. The general and educational information here supports the sales, marketing or service of insurance policies. Indexed annuities do not directly participate in any stock or equity investments. A tax-deferred contract issued by an insurance company that can provide income for a specified time period, such as a number of years or for life.|The Guaranteed Minimum Interest Rate (GMIR) is 0.05%, except in NY, where it is 1%. Please call your representative for current interest rates on premium amounts of $1,500,000 or more. IMPORTANT: The information and material contained on this Web site is not an offer to sell or a solicitation to buy any security or any insurance product in any jurisdiction. Actual amounts are dependent upon interest rates in effect at time of policy issue. Renewal rates and available Shield Options may differ from new business rates and options. Fixed life insurance and annuity products are offered through Farm Bureau Life Insurance Company+/West Des Moines, IA and are intended for residents of AZ, IA, ID, KS, MN, MT, ND, NE, NM, OK, SD, UT, WI and WY. There are different types of annuities that serve different purposes, depending on an individual's needs.
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