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Retirement

Annuities

Introduction

An annuity is a long-term investment contract that provides you with an option to annuitize at retirement. An annuitized contract can potentially provide you with a regular stream of income, for as long as you live or for a designated period of time after your retirement. Annuities also typically include a death benefit.

Assets in an annuity grow tax deferred until they are withdrawn, and there are no contribution limits under federal tax law. As with other retirement-oriented investment vehicles, you're subject to up to a penalty if you withdraw earnings from an annuity before age 59 1/2.

Variable annuities generally carry an annual mortality and expense risk charge and an annual administration charge. Withdraws may be subject to a contingent deferred sales charge. In addition, annuities usually offer optional enhanced death and living benefit riders, which may have fees associated with them.

Annuities are long term investment vehicles designed for retirement purposes. Withdrawals or surrenders may be subject to surrender charges. Amounts withdrawn may be subject to ordinary income tax, and if taken prior to age 59 1/2, a 10% IRS penalty may also apply. Withdrawals have the effect of reducing the death benefit, cash surrender value and any living benefits.

Consider the Issues

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