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Annuities Boca Raton FL


Boca Raton Annuities

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Annuities in and near Boca Raton Florida

Annuities in Boca Raton

Annuities can be a complicated matter….this is why you need professionals that can help you decide what you need in your particular situation. An annuity (regardless of what kind of an annuity it is) is a contract (policy) between you as the policy holder and an insurance company. Depending on what kind of an annuity you have purchased, the insurance company will provide you with certain contractual guarantees. The minimum investment in an annuity is usually around $5000.

The biggest benefit to an annuity is that you will never lose your initial investment, or any money you fund your annuity later on.

There are five main kinds of annuities: a single premium deferred annuity, an immediate annuity, a variable annuity, an index annuity, and a tax-sheltered annuity.

Single Premium Deferred Annuity (SPDA): This is the most popular type of annuity.  It is most easily compared to a certificate of deposit at a bank. In both cases, you get a guaranteed interest rate for a period of time.  The difference, however, is that with a certificate of deposit, you will be paying taxes each year on the interest you have earned, even if you don't withdraw it. With the SPDA, you will not.  Who should buy this type of annuity?  People who want to let their money grow risk free while averting income taxes, with the main goal being to use the investment to generate an income later on in life.

Immediate Annuity (SPIA): This annuity guarantees you an immediate fixed income for the rest of your life, and, in some cases, continuing for a certain period even after your death.  Who should buy this annuity?  Those looking for a guaranteed monthly income with some tax benefits or who have no beneficiaries to whom to leave their money.

Variable Annuity: When you deposit money into a variable annuity, the money is used most often to purchase different mutual funds within the insurance contract. Two great advantages to this annuity is that it has a tax deferral so you don’t have to pay taxes on your gains until you withdraw funds from the annuity; also if you deposit money into a variable annuity, the money is used most often to purchase different mutual funds within the insurance contract.  Who should get this type of annuity?  Someone who has no beneficiary to whom to leave their money.

Index Annuity: The surrender period on an index annuity is usually about 7 to 10 years. The index annuity tracks an index such as the Standard and Poor's 500 index, and your return on your money will usually be a percentage of what that particular index did for your corresponding investment year.  Who should get this type of annuity? Anyone who wants to invest in the market but is afraid of losing any money.

Tax Sheltered Annuity (TSA): Many school teachers and hospital workers are offered this type of annuity in their retirement plan. The TSA really falls more into the category of a retirement plan, for the money that is invested in a TSA is done so on a monthly basis, unlike most other annuities, where the money is deposited in a lump sum.  Absolute Insurance can help your institution or company set up a TSA for your employees.

Did you know……In order to take advantage of the tax deferral the government does slap on a few restrictions, the primary one being that you have to be 59.5 in most cases to withdraw funds without a 10% penalty being imposed?
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