Annuities are insurance contracts that provide a fixed income stream for a person’s lifetime or a specified period of time. An annuity can be purchased with a lump sum or a series of payments and begin paying out almost immediately or at some point in the future.
Annuities can supplement other income sources to cover everyday expenses in retirement.
Some annuities invest in the markets. Others offer a fixed or variable interest rate linked to the performance of a market index. Some offer a range of additional options at increased costs that help you customize your annuity to better meet your needs and goal.
Unlike other tax-deferred retirement accounts, such as IRAs and 401(k)s, there is no annual contribution limit for an annuity. All of the money you invest compounds annually without paying taxes until you begin to withdrawal the money.
Whether you are looking for reliable income in retirement, protecting a spouse, or planning your legacy, a Barnum financial professional can match you with the right annuity to meet your specific goals.