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RETIREMENT ANNUITY QUOTE

Request Your Free Retirement Annuity Quote Today

Compare retirement annuity plans and lock in guaranteed lifetime income.

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What Is a Retirement Annuity?

A retirement annuity is a contract with an insurance company that can provide guaranteed payments in retirement. It fits within the broader annuities product category and offers benefits like steady income and tax-deferred growth. Depending on your goals, you can choose options that focus on income now or growth for later income. Key benefits include:

Guaranteed Income1

Receive predictable payments for life or a set period

Principal Protection

Your original investment is backed by the insurer’s guarantees

Tax-Deferred Growth

Earnings grow without yearly income taxes

Flexible Payouts

Choose when and how to get paid (for a lifetime or set number of years)

Inflation Protection

Optional features can help your payments increase over time to keep pace with rising costs

Beneficiary Protection

Options can provide payments or remaining value to loved ones

Compare Retirement Annuity Plans

There are two main types of retirement annuities. An income annuity provides guaranteed payments that can start right away or in the near future. A growth annuity focuses on building your money first, then turning it into income later. Understanding how they differ can help you choose the right annuity for where you are in your retirement journey.

Feature Income Annuity Growth Annuity
Primary Goal Guaranteed income that starts soon Grow savings for future income
Income Starts Immediate or within a few years Later, after an accumulation period
Access To Funds Limited once payments begin More access during growth period
Growth Potential Low to moderate Moderate to high depending on type
Risk(s) Low, payments are fixed Less access or smaller growth years, depending on type
Rate Type Fixed payments set by contract Fixed, indexed or variable growth
Flexibility Fixed payment options More options before income begins
Best For Near-term retirees needing paychecks Planners and savers who want income later

Couple researching retirement annuity options on computer

How a Retirement Annuity Works

A retirement annuity is a contract between you and an insurance company that helps turn savings into future income. You can use a single lump sum or make regular payments to fund your annuity. In return, the insurer provides guarantees (either for growth, income, or both) depending on the type of annuity you choose.

  1. Fund the Annuity: You can fund your annuity with one lump sum or regular contributions. Your money grows tax-deferred until you take income.
  2. Insurer Manages the Contract: The insurance company manages your funds, applies interest or growth, and upholds your guarantees.
  3. Value Grows Over Time: Your annuity value grows based on the contract design, either at a fixed rate or linked to the market.
  4. Receive Guaranteed Income: When you’re ready, turn your balance into regular payments for life or for a set of years.1
  5. Provide for Loved Ones: Many annuities include features that allow you to name beneficiaries to receive remaining value or continued payments after your death.

Want a deeper dive? Read our full guide:  What Is An Annuity?

Why Choose Western & Southern?

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Financial Strength

High ratings reflect stability you can count on
established 1888

Trusted for Over 135 Years

Helping families protect their future since 1888

Serving Millions Nationwide

Trusted by families across the 50 states

Is a Retirement Annuity Right for You?

Retired woman checking her monthly budget

Income Planner

People who want a steady, guaranteed income to help pay for housing, utilities, groceries, and other essential expenses.
Married man researching lifetime income options on computer

Pension Builder

If you are approaching retirement and want to lock in future income, you can create your own “paycheck for life” if your employer doesn’t offer a pension.
Couple researching guaranteed whole life insurance

Conservative Savers

Those who want to keep part of their retirement money safe from market drops while still allowing for steady, tax-deferred growth.
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Fixed-Income Supplementer

People already in retirement want to add dependable income alongside Social Security or other fixed payments to live more comfortably.
Couple protected with IUL flexibility

Longevity Planner

Those who want to ensure their income will last for life, no matter how long they live.
Senior couple reviewing expenses

Legacy Planner

Those who want to make sure that they can continue payments or pass remaining value to a spouse or loved ones.
It’s important to remember that a retirement annuity is designed for long-term financial security. While it may limit access to funds compared to other accounts, it offers the benefit of predictable, guaranteed income.

Frequently Asked Questions

What is a retirement annuity and how does it work?
A retirement annuity is a contract that provides steady income for life or a set period. You fund it, select payout options, and the insurer sends regular payments to help cover essential expenses.

Are retirement annuities a good idea for guaranteed income in retirement?
They can be a good fit if you value predictable paychecks. Your decision depends on your income needs, flexibility, and other retirement savings sources.

How do retirement annuities compare to 401(k) plans?
A 401(k) is a savings and investment plan, while a retirement annuity is an insurance contract that converts savings into guaranteed income. Many retirees use both together.

How are retirement annuities taxed?
Earnings grow tax-deferred and are taxed when withdrawn as income. The funding source, qualified or non-qualified, determines how payments are taxed.

How do I get a retirement annuity quote?
Provide basic details like your age, income start date, and payment preferences to receive a customized quote and compare payout options.
IMPORTANT DISCLOSURES

1 Payment of benefits under the annuity contract is the obligation of, and is guaranteed by, the issuing company. Guarantees are based upon the claims paying ability of the issuer. Products are backed by the full financial strength of the issuing company.

An annuity is a long-term financial vehicle designed for retirement. An insurance company accepts premiums and provides future income or a lump-sum amount to the contract owner by contractual agreement.

Annuities are issued by Integrity Life Insurance Company and Western-Southern Life Assurance Company, both in Cincinnati, Ohio. Securities offered through W&S Brokerage Services, Inc., member FINRA / SIPC. All companies are members of the Western & Southern Financial Group.

Earnings and pre-tax payments are subject to income tax at withdrawal. Withdrawals may be subject to charges. Withdrawals from an annuity are subject to ordinary income tax, and, if taken before age 59 ½ may be subject to 10% IRS penalty.