Dive into the realm of annuities, the cornerstone of guaranteed retirement income.
Annuities stand as crucial financial contracts for securing your future income.
These customizable instruments, available in various types, enable you to invest funds for a dependable and steady stream of payments in the years ahead. Whether seeking immediate income or aiming to grow funds for the future, these versatile options provide tailored solutions for your retirement and financial goals.
Our role is to guide you through these options, aligning the features of annuities with your unique needs and risk preferences for a secure financial future.
Understanding the tax treatment of annuities is pivotal in retirement planning. Here is a list of tax advantages associated with annuities:
Tax-Deferred Growth
Earnings on the annuity are only taxed once withdrawn. This allows your investment to grow on a tax-deferred basis, potentially accumulating more over time.
No Annual Contribution Limits
Unlike many retirement accounts, annuities have no annual contribution limits. This can benefit individuals looking to contribute more significantly to their retirement savings.
Lifetime Income Exclusion Ratio
When you receive payments from an immediate annuity, a part of each payment might not be considered taxable as it is regarded as a return of the money you originally invested.
Flexible Payout Options
Annuities offer flexibility in choosing how you receive payouts, including options for periodic payments, lump-sum withdrawals, or a combination. This flexibility allows you to manage your tax liability strategically.
No Required Minimum Distributions (RMDs)
Unlike some retirement accounts, annuities are not subject to required minimum distributions, providing flexibility in when and how you access your funds.
Death Benefit Exclusion
Inherited annuities may benefit from favorable tax treatment, allowing beneficiaries to receive the death benefit without immediate taxation.
Tax laws are complex and subject to change. Consulting your financial advisor is recommended to fully understand your situation's tax implications and advantages.
We are committed to outlining these tax benefits and developing a comprehensive retirement strategy tailored to your financial goals.
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©Copyright 2023| Boom Insurance Agency. All Right Reserved
Boom Annuities is a brand under Boom Insurance Agency LLC
©Copyright 2024| Boom Insurance Agency. All Right Reserved