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Annuities are for people, mostly retirees, who have a lump sum of money and would like to use it to ensure a guaranteed income from that money over an extended period of time. Whether you’ve saved the money over the years, have a pension, have won the lottery, or received a legal or insurance settlement, an annuity allows you to earn interest on your money while still receiving a dependable income. Depending on your choice, you may be able to pay less income tax on the payments you receive through an annuity instead of receiving a lump sum. Annuities come in a variety of different types including:
Payments to you are based on your initial contribution (principal) and the number of payments you wish to receive over a set period of time. If you choose additional options such as life annuities or survivor continuation, this will also affect your payment amounts.
Josslin would be happy to provide you a quote on your annuities. Please contact Romano Klomp if you have any questions or would like a quote.