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A Basic Overview of Options in Annuity Purchases

Immediate annuities (also referred to as payout or income annuities) entail paying an insurance provider. The insurance will start sending you payments right away. There are two kinds of annuities: 1. Immediate fixed annuities – You will get the same amount every month for the duration of the annuity. A fixed payment may not be appealing since the fixed sum will likely lose value over time as prices rise. 2. Immediate variable annuities – Some immediate variable annuities have inflation-indexed payments. You’ll start with a lesser payment, but it will increase with time. An immediate variable annuity allows you to select from a pool of investment accounts and hope they perform well enough to boost your payments. Immediate annuities may be appropriate for those aged 65 and up. When you purchase one, the older you are, the more cash flow you will receive and the larger the percentage of each check representing a tax-free return of capital. When you purchase an immediate annuity, you may choose the contract terms. Here are some popular options:
• A simple life annuity – This annuity will pay one individual for the rest of their life. That may be one month or fifty years.
• Joint annuity- A married couple might make this decision. It will continue to pay as long as either spouse is alive.
• Period certain annuities – This annuity can be on one person’s life as a straight life annuity. However, the insurer commits to provide payments for at least, say, ten years. If the annuitant dies during the first ten years, payments to a beneficiary will continue until the term is fulfilled. As the name indicates, period annuities are offered for various periods. Joint annuities and period certain annuities pay out less than a straight life annuity. It would be best to determine whether protecting a spouse or another beneficiary is worth the loss of cash flow while you are still living.
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