Liquidating annunities

20-Jul-2016 16:05

Therefore, there is no additional tax benefit to purchasing a deferred annuity to fund an IRA. With variable annuities, where the underlying investments are in stocks and bonds, you have the potential for a greater return on your investment, coupled with higher risk of loss including loss of your original investment. When you purchase an annuity, you will need to decide how you want the proceeds paid to you.

An immediate annuity will begin payments to you within 12 months of purchase.

Annuities are financial contracts between you and an insurance company.

You give the company money now and the company pays you periodic lifetime payments at a later time. Annuities receive favorable tax treatment under which you generally don't pay on gains in the contract until you begin to withdraw money.

The liquidation phase is when the insurance company makes payments to the annuitant.

Often the payments continue for the life of the annuitant or during the life of the annuitant and some other person, such as a spouse.

With a deferred annuity, you will receive payments at a later date.

This article will help you understand more about the types of annuities you can purchase and how to determine which specific annuity might satisfy your needs.

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Unlike a non-qualified deferred annuity purchased with after-tax dollars, an IRA or with a qualified plan receives tax deferral under the non-annuity provisions of the Internal Revenue Code. With a fixed annuity, you can expect a guaranteed rate of return for a specified time.

You have the choice of buying a fixed annuity or a variable annuity.

Fixed annuities are generally considered to be more conservative.

Variable annuities, having the potential for gain and losses, have a higher risk.

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Distributions of taxable amounts are subject to ordinary income taxes and, if made before age 59 1/2, may be subject to a 10% federal income tax penalty.The calculation of the taxable portion of a distribution may differ depending on the type of contract (e.g., qualified or nonqualified) and whether you are taking withdrawals or receiving income payments.

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