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How to Use an Immediate Annuity for Retirement Security

Everyone desires to live a comfortable life, such that the standard of living during active working years can be maintained even in retirement. This highly informative article will give you all the tips you require to get an immediate annuity for retirement security.

Basics and Benefits of an Immediate Annuity

An immediate annuity is one unique type of annuity since it gives the investor the opportunity to make payout withdrawals soon after they make a lump sum investment. This type of annuity is also referred to as Single Premium Immediate Annuity (SPIA) and is usually a very good form of investment for people who inherit or just stumble into large amounts of money. Investment of such funds in annuities can really save you lots of tax dollars, as this type of annuity is tax free at the time of investment.

The biggest benefit attached to immediate annuities is that you can invest all the funds you have and begin to receive guaranteed payout immediately after, either for a lifetime of specified number of years depending on the contract signed with the insurance provider. For instance, if you invest your terminal benefits or gratuity in an immediate annuity, you will be able to earn an appreciable and steady income for a reasonable length of time, therefore making it possible for you to seamlessly transit into retirement without financial stress.

Immediate Annuity Rates

The rates offered when you invest in an immediate annuity will differ for different people depending on your specific situation. These rates will vary depending on your age, how soon you intend to start receiving payouts, initial principal investment, and whether you will have a joint annuitant. Below, we have provided you with links to different sources where you can enter these details and compare rates from leading insurance companies offering immediate and other annuity plans.

To get the best value, ensure that you compare rates from all the different providers and read the fine print in order to understand the silent benefits attached to each plan.

Conclusion

It pays to act wisely when it comes to financial investments. Immediate annuities are often considered as a risk free investments that may guarantee you a payout every month and provide you with peace of mind when compared into investment in bonds and stocks. If you have some cash stashed away and can hardly prevent yourself from spending it, an immediate annuity for retirement or other purposes may be a good way to get the best value from your fortune.

To get started, enter your zip code on the top of this page, and then answer some basic questions. This will help you to compare annuity plans from multiple providers for FREE to determine your highest eligible rate. It is important to provide accurate questions to these answers as our pool of providers will provide you with different rates depending on your individual circumstance and situation.