If you are looking for a guaranteed stream of income that will last for the rest of your life, you may want to consider purchasing an immediate annuity. In return for turning over a lump sum of money to the insurance company that issues the annuity, you receive a specified amount of income each month or other agreed upon interval of time. How much you will receive each month depends on several factors.
- The amount you invest in the immediate annuity
- Your life expectancy when your payments begin
- The rate of interest that the annuity pays
Most people use immediate annuities as a way to generate additional retirement income. Instead of taking the chance of running out of money during your lifetime, you can ensure that you will receive a steady income even if you live to be 100.
Immediate annuities are sold by many different insurance companies. Like other structured financial products, some are better than others. Naturally, you don’t want a mediocre immediate annuity. You want one that has the highest income annuity rate and generates the greatest payout each month.
While you may wish you were twenty-one again, getting old is one of the realities of life. Retirement can be a great time of life, especially if you have your health and a sufficient income to do the things you need and want to do. One of the benefits of making it to retirement age is that you have a better understanding of how the world works. You can easily recognize when someone is trying to sell you a product just to earn a commission and when someone is genuinely interested in helping you obtain the right product to meet your needs.
When it comes to annuities, you have to be careful about which product you buy. Once you sign on the bottom line, the deal is done and there is no going back. As your independent agent, we can compare annuity income by getting you quotes from the most reputable insurance companies. We will take the time to answer all of your questions and help you get the highest income annuity rate.
To get started, click on the orange button to get an immediate annuity quote.