Start Planning for Retirement by Getting an Annuity Quote

An annuity is a contract between a person and an insurance company. When one ‘buys' an annuity, they pay a sum of money to the insurance company, which is then distributed back to them later. The money can be deposited all at once or over a period of time, and the great thing about annuities is that you can continue to add money into them. There is no limit to how much can be added annually as there is in some other plans, such as IRAs or a 401 (k).
Finding an annuity quote is easy, but you should known the difference between the types of annuities first.
There are two types of annuity available from which to choose. The first type is called an ‘immediate annuity,' and the second type is called a ‘deferred annuity.' Each of these annuities is very different, and you should consider the benefits of each to see which type fits you the best.
Immediate annuities are good for people who want to take a large sum of money and convert it to an annuity so that they can begin receiving payments right away. These payments actually begin about one month after the purchase of the annuity. It is a good method of providing additional income. It is also good for people who get a large sum of money, from an inheritance or perhaps through selling a home. This additional income can be a welcome relief to a person living in a large, expensive city such as San Francisco.
A deferred annuity is great for people who are planning their retirement. You can continue to add money to the account, and income taxes are deferred until you withdraw the money. Payments on these deferred annuities usually start several years after purchasing. If you die before you are able to collect the annuity, your beneficiaries can receive the amount of the annuity, plus any earnings.
It pays to get an annuity quote from several different insurance companies, which is easier than ever because of the Internet. Best of all the quotes are also free. It opens up the options for those in San Francisco who are searching for the best company from which to purchase an annuity to either help them plan for retirement or create a steady stream of extra income. This can be a great relief to many retirees, especially during tough economic times.

 

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