What is an Annuity?
Our go to adviser Google gives us the following definition, “a fixed sum of money paid to someone each year, typically for the rest of their life.”
Just as with life insurance, this definition is correct and in its simplest form. However, companies that we work have a wide range of annuities to help in many, many specific cases. Basically you set up a target value fund, which you pay into and you set a maturation date to it. Another aspect you define is the payout period. It can be a lump sum, a certain term, where the longer the payout term, the lower the monthly payments or you can even set up an annuity to be paid our over the lifetime of the beneficiary.
Since there are so many variables involved, the best way to set up an annuity is through a personal meeting. Give us a call or drop us a line. Let’s get together and let us help you get to where you wish to go.