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Geoffrey Richards Securities
7570 S. Federal Hwy

Suite 3
Hypoluxo, FL 33462
561-586-0800
561-586-1411 Fax

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Annuities

What Is an Annuity?

A tax-deferred annuity is a contract, issued by an insurance company, which allows you to accumulate money on a tax-deferred basis for long-term goals such as retirement. When you are ready to receive income from your annuity, you can withdraw funds as needed, or set up a regular payment schedule guaranteed by the issuer, which would last over a given time period. The issuing company may impose surrender charges that can start at 7%, and generally decline over 3 to 7 years on withdrawals beyond those permitted under the contract provisions. Withdrawals from annuities before age 59Ĺ may be subject to ordinary income tax and a 10% tax penalty.

Annuities are among the fastest-growing retirement investments. Despite their popularity, many people still donít know much about them. The following will help explain the different types of annuities. You can contact your Financial Advisor to see how annuities may be able to fit in your overall portfolio.

There are two types of annuities, fixed and variable.

A fixed annuity has a guaranteed fixed interest rate for a stated period of time. Depending on the terms of the contract, the insurance company may adjust the rate annually. There are two types of fixed annuities. The first type is one in which the insurance company guarantees the interest rate for a specified period of time, typically 1 to 10 years. The second type guarantees a bonus rate for one year, then resets the rates on an annual basis according to current interest rates. Before investing, you should be sure to check which type of fixed annuity you are purchasing.

A variable annuity is essentially a basket of investment options —generally referred to as sub-accounts—issued by an insurance company. Any earnings within a variable annuity are permitted to accumulate tax-deferred. So you'll pay no taxes on earnings until you begin taking withdrawals, typically during retirement. There is no limit on how much you can contribute to a variable annuity. The subaccounts, will vary according to the securities they invest in and their risk level. The return on an investment in a variable annuity will depend on the performance of the sub-accounts you choose.

A Geoffrey Richards Financial Consultant can offer you a wide variety of annuity products that can help you meet your financial needs. We invite you to receive a free annuity review.



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