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Home»Retirement»What is a deferred annuity?
Retirement

What is a deferred annuity?

April 30, 2025No Comments2 Mins Read
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Understanding Deferred Annuities

A deferred annuity is a type of investment product that allows you to save for retirement by making regular contributions over time. These contributions are then invested by the insurance company, and your funds grow tax-deferred until you are ready to start receiving payments.

One of the key benefits of a deferred annuity is the ability to defer taxes on your investment gains until you begin taking withdrawals. This can help your money grow faster than it would in a taxable investment account.

There are two main types of deferred annuities: fixed annuities and variable annuities. Fixed annuities offer a guaranteed interest rate for a set period of time, while variable annuities allow you to choose from a selection of investment options, such as mutual funds.

When you are ready to start receiving payments from your deferred annuity, you have several options. You can choose to receive a lump sum payment, set up a series of periodic payments, or convert your annuity into a stream of income that will last for the rest of your life.

It is important to carefully consider your financial goals and risk tolerance before investing in a deferred annuity. Consulting with a financial advisor can help you determine if a deferred annuity is the right choice for your retirement savings strategy.

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