Your retirement does not have to mean the end of your income. Now more than ever, you need to plan for retirement after you've said goodbye to early-morning wake-ups and deadlines. An immediate annuity can help ensure that you will not outlive the funds you've put aside for retirement.
With an immediate annuity, payments typically begin right away. You can establish an immediate and guaranteed income stream for as long as you choose — a specified number of years or even for the rest of your life.
In return for your lump sum premium payment, Western & Southern promises to make regular payments to you or to someone else you've named. Where does the lump sum premium come from? You can fund your immediate annuity through a variety of sources, such as the death benefit from a life insurance policy you're the beneficiary of, a maturing Certificate of Deposit (CD) or investment proceeds.
Why Choose an Immediate Annuity?
Consider where money goes. Most spending, in retirement or otherwise, is for essentials. That means it goes toward food, housing, transportation, utilities, taxes, health care and the other fundamentals of daily living.
The daunting concern many retirees face is this: How long will the money you’ve saved last? Will you have enough to last through your retirement — which could be 20 or 30 years?
An immediate annuity can help provide certainty. Consider converting a portion of wealth into an income stream and increase the likelihood of covering basic expenses for a lifetime. Not only can an income annuity help support a comfortable and worry-free retirement, it also helps provide funds for life’s extras, such as recreation, travel, hobbies, gifts and charitable donations.
Single Premium Immediate Annuity ICC10 ENT-01 0901 issued by Western-Southern Life Assurance Company which operates inDC and all states except AK, ME, NH, NY and RI.
Single Premium Immediate Annuity CL 21 issued by Columbus Life Insurance Company which operates in DC and all states except NY.
Single Premium Immediate Annuity SPIA-94 issued by The Lafayette Life Insurance Company which operates in DC and all states except NY.
Product and feature availability, as well as benefit provisions, vary by state.
Payment of benefits under the annuity contract is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.
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 59½, may be subject to a 10% IRS penalty.
An immediate annuity is permanent. Owner has no access to premium, which converts to an income payout stream. There is no cash value, no death benefit and the annuity can't be surrendered. Contract terms, such as payment amount and frequency, cannot be changed, unless commutation is available and elected. An immediate annuity should not be purchased if access may be needed to any of the premium for living expenses or other purposes.
Annuityproducts are not bank products, are not a deposit, are not insured by the FDIC, nor any other federal entity, have no bank guarantee, and may lose value.
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