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An annuity can help secure an accumulation of wealth or a stream of payments to use as a form of retirement income. When you purchase an annuity, you may get tax breaks, achieve growth or be able to receive income at regular intervals in exchange for a one-time lump sum payment to an insurance company.

Types of Annuities

There are four main types of annuities:

· Fixed Indexed Annuities generally provide the potential for higher return than fixed annuities and have no downside risk due to a stock market downturn. There’s a guaranteed minimum payout, and the interest earned is tied to a market index, such as the S&P 500.

· Fixed Annuities grow with a guaranteed interest rate during the Term. In general, fixed annuities have a moderate rate of return.

· Immediate Annuities start paying right away. Based on your age and interest rates at the time you will receive a guaranteed payment for life or some other Term

· Variable Annuities allow the account owner to choose from a menu of mutual funds and can produce a higher return. Payments are based on the performance of the mutual funds. There is some risk and fees associated with variable annuities.

The amount of money you receive from an annuity is based on the type of account you choose, the insurer’s terms and the amount of money you deposit.

The best way to determine how much income your annuity investment may generate is to get an individualized proposal from your financial advisor.

Buyers guide

How to Purchase Annuities

An annuity may help you reach your income goals in retirement by creating income that you can’t outlive. Armar Insurance Group can help you understand your options so you can start investing right away.