An annuity is a contract between an individual and an insurance company. When you purchase an annuity, you will be buying an income stream that comes in the form of annuity payments for a specified amount of time. These annuities may be immediate or deferred, depending on when you choose to begin receiving payments. Annuities can also be fixed or variable. In general, fixed annuities will provide a guaranteed rate of return.

We provide fixed annuities that have a variety of distribution options, to ensure that they meet your income and retirement needs. A fixed annuity will provide a guaranteed rate of return.  This rate of return is determined by the insurance company for a set amount of time. The starting interest rate will, usually, be guaranteed for a period of time and then can be readjusted once the guaranteed period is over.

Fixed Annuities offer:

• Tax-deferral
• Guaranteed rate of return
• Guaranteed return of premiums
• Pay-out options

When Should I Buy a Deferred Annuity?

A deferred annuity will give your money the chance to accumulate over time and grow without being taxed. The money will not be taxed during the years before you start receiving payments. If you withdraw funds prior to the age of 59 1/2, your funds may be subject to ordinary taxes and to a 10% penalty that the IRS enforces. A deferred annuity is designed to accomplish long-term saving goals, such as retirement. If you decide that you want to take your money out in the beginning of the contract, you will incur withdrawal charges. Many contracts allow for a small percentage of the funds to be used, without incurring penalties, if an unexpected need should arise. As you begin to receive income, in the form of payments, from your deferred annuity, you will have several payment options.

Deferred annuity may be your best option if you:

• Wish to save for retirement and enjoy tax-deferred growth
• Already contribute the maximum to your 401(k), 403(b), individual retirement account (IRA) or other retirement plans, and you want to save more for retirement.

A deferred annuity may be part of your employer-sponsored retirement plan, or your IRA account. If it is not, it can also be used to save for retirement or to fund another long-term savings goal. Work with a financial professional to find the annuity that will meet your savings and income needs.

When is the Right Time to Buy an Immediate Annuity?

An immediate annuity will provide a guaranteed stream of income for the rest of your life or for a specific period of time. You will select this period of time when you make your purchase. When you purchase an immediate annuity, you will make a one-time contribution and begin to receive payments for the annuity within the first year.

An immediate annuity may be a great option for you, if you:

• Have a sizable sum of money you wish to turn into dependable income
• Need an immediate return from your investment
• Want to receive a steady monthly check for the rest of your life

It is important to remember that annuity payments will, usually, maintain the same dollar amount throughout the entire pay-out period.

If you have received a personal injury claim, you may want to receive a structured settlement, which included as a type of immediate annuity.

Fox insurance has been helping customers find the right fixed annuity in Portland, Beaverton, Sherwood and cities throughout Oregon and Washington.

To learn more about our Retirement products, contact one of our experienced professionals today.

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