Your Dreams Matter
At Aspire Wealth Management, we believe everyone should be able to live the retirement they’ve always wanted. Our team of professionals can help you create a well-thought-out strategy, using a variety of investments and insurance products and services, to help you address your financial needs and concerns.
Annuities With Aspire Wealth Management
Overland Park, KS
If you’ve ever worried about outliving your retirement savings, you’re not alone. Do you have an annuity as a part of your retirement plan?
A recent study found that 58 percent of American surveyed did not believe that they would be able to achieve financial security in their “golden years.1
With pension offerings on the decline, you may want to consider a fixed income component to your financial strategy. In short, adding an annuity may be an opportunity to help ensure a portion of your retirement income will be guaranteed.
What is an annuity?
An annuity is a contract you purchase from an insurance company. For the premium you pay, you receive certain fixed and/or variable interest crediting options able to compound tax deferred until withdrawn. When you are ready to receive income distributions, this vehicle offers a variety of guaranteed payout options — some even for life.
Most annuities have provisions that allow you to withdraw a percentage of the value of the contract each year up to a certain limit. However, withdrawals will reduce the contract value and the value of any protected benefits. Excess withdrawals above the restricted limit typically incur “surrender charges” within the first five to 15 years of the contract. Because they are designed as a long-term retirement income vehicle, annuity withdrawals made before age 59 ½ are subject to a 10 percent penalty fee, and all withdrawals may be subject to income taxes.
1 The National Institute on Retirement Security. “Retirement Insecurity 2019” March 2019.
ABCs of Fixed Index Annuities
Ready to Take The Next Step?
For more information about any of the products and services listed here, schedule a meeting today or register to attend a seminar.