Types of Annuities
The Two Types of Annuities Are:
Deferred and Immediate Annuities
are by far the most popular annuities.
For a few reasons:
• You can defer taking payments for as long as you want until you are 70 ½.
• Your money is placed in annuity so that it can grow tax deferred.
• Deferred annuities can be converted to immediate annuities when you need it. This is called annuitization.
• Upon your death, the money will go probate free directly to your beneficiaries.
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The Three Types of Deferred Annuities Fixed Annuities
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Other Types of Deferred Annuities
A Single Premium Deferred Annuity
allows for a one time purchase of an annuity. If you want the option to add or roll more money into an annuity, you would purchase a
Flexible Premium Deferred Annuity
You can roll over your 401k or
into an annuity. Other types of annuities are
joint and survivor annuities
Some people are given the option to contribute to a
Tax Shelter Annuity
(TSA) through their employer.
Some annuities will even give you a refund or a
return of premium
for purchasing their annuity. Sometimes this option is added as a rider. The rider may have a charge associated with it.
If you are about to enter a nursing home, you should consult with an insurance agent about purchasing a
Medicaid Friendly Annuity
If you are looking for an income right away and you know the amount of money you need to live on, you might be a candidate for a
With Immediate Annuities, you will begin payments immediately or you can have the payments delayed for up to a year. Some carriers allow you to defer taking the income stream to up to a year. It is not recommended to buy an immediate annuity and then delay the income. If you need the income, take it right away.
Immediate annuities are also known as
single premium immediate annuities
Immediate annuities also are designed for different needs. They are
Life with Refund
Impaired Life Annuities.
Other Types of Annuities
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