PLAN for Retirement with an Annuity
- August 19, 2020
Protection. Legacy. Assets. Needs.
Annuities offer a wide range of features and benefits, which can be customized to meet your specific financial goals. They can address various retirement needs, whether it be immediate income, income in the future or legacy planning.
With people living longer, there is an urgency to plan for the future. PLAN incorporates some of the most frequent concerns people may have when preparing for retirement. It addresses important questions about how to plan effectively.
Will your assets be protected while you are waiting to utilize them?
Protecting your savings early on may allow you to live comfortably in retirement, and annuities offer optional guarantees that can do just that. There are a variety of annuity products available to meet your needs whether it be principal protection or some downside protection from market volatility.*
Will you be able to pass on a portion of your assets to your loved ones, while providing income for yourself in your own retirement years?
Passing on a legacy to your heirs may be important to you. Annuities will allow you to create a legacy and provide for your children or spouse. Incorporating a death benefit into your annuity policy will make certain a portion of your assets will pass on to your beneficiaries.
With life expectancies increasing, will you have enough assets to live comfortably in retirement?
Having a plan for growing your assets can help ensure you will have income for your lifetime. Whether you choose to invest in a fixed or variable annuity, they can both offer growth potential with downside protection and guaranteed lifetime income if elected. Non qualified annuities also offer tax-deferred growth of your assets, until withdrawals are taken**.
Will your needs change in retirement, and if so will you have the income to fulfill them?
Your needs can change at any point in your life; and in your retirement years you may have more free time, and therefore might spend more money than you anticipated. You may also have unforseen medical bills. Anticipating these changes in lifestyle will allow you to prepare accordingly. Whether you need income in the future or decide you need income now, there is an annuity product that can fulfill those needs.
Contact an Oppenheimer Financial Professional today to discuss how an annuity can be a strategy for you.
*Any payment guarantees are based on the claims paying ability of the insurance company.
**Withdrawals are taxed at ordinary income tax rates and there is a 10% Federal tax penalty on earnings withdrawn before age 59 ½.
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