Serving the AFL-CIO since 1993

Annuity Basics

WHAT IS AN ANNUITY?

AN ANNUTIY IS  A CONTRACT WITH AN INSURANCE COMPANY THAT PROVIDES CERTAIN BENEFITS IN EXCHANGE FOR A DEPOSIT OF MONEY, KNOWN AS A PREMIUM.  ANNUITIES ARE NOT LIFE INSURANCE POLICIES.

FIXED INDEXED ANNUITY – Earnings are generally linked to the performance of an index such as the S&P, Nasdaq or Dow Jones.  The annuity GUARANTEES the principle and minimum interest.  TRADITIONAL or MULTIYEAR GUARANTEED ANNUITY earnings are based on a fixed rate also have a GUARANTEE of principle and interest. Each has  tax deferred growth so you earn interest on interest and do not pay taxes until withdrawn.

These tax deferred annuity contracts accumulate interest over a period of years and the account value is available for partial or full withdrawal with less restrictions than a CD from the bank.  The owner of the contract can ANNUITIZE the contract turning it into an irrevocable stream of payments for a lifetime or a period certain.  An irrevocable beneficiary designation makes sure your account value goes to your loved ones when you pass away.

VARIABLE ANNUITY – Earnings are generally based on investment options, such as stock, bond, or equity markets.  These contracts CAN LOSE VALUE when the investment option suffers market losses.  These contracts also charge fees that can be substantial and are not recommended for the retiree due to market risk.

 

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