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Annuities are long-term growth vehicles that offer specific advantages for retirement purposes. An annuity is a contract between you and an insurance company which provides for future income payments in exchange for your investment now. Annuities can make excellent retirement savings products since earnings grow tax-deferred until they are withdrawn. (Withdrawals of earnings are subject to income tax and a 10% federal tax penalty may apply prior to age 59½.) And unlike other tax deferred retirement products-such as IRAs-there is no annual contribution limit. There are a variety of annuity products such as variable, fixed, deferred and immediate income all to help you meet your retirement planning needs.
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