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What is a Retirement Annuity?

An annuity is a type of insurance that pays a regular income stream after a specified amount of time. Through an annuity, you make contributions which help determine the amount of income you receive. A retirement annuity is an annuity used as part of a retirement strategy. It can provide you with the income you need during retirement, when you are no longer receiving a regular paycheck.

Who Needs Retirement Annuities?

Those who wish to have a secure financial situation when they reach the age of retirement need a retirement annuity. It should be an important factor in any family’s retirement planning, regardless of age or financial circumstance. With federal and employee-provided benefits constantly changing, it can be difficult to plan for your retirement income. However, a retirement annuity with Mark provides you with guaranteed income that you cannot outlive.

Payment Type:

Single Premium Annuity – With a Single Premium Annuity, a single, lump-sum payment is made. This payment accrues interest until you choose to begin withdrawing.

Flexible Premium Annuity – A Flexible Premium Annuity allows you to make premium payments on a regular or irregular basis. Electronic Transfer of Funds (EFT) is encouraged with a flexible premium annuity, with the frequency of payments determined by you. Additionally, this option allows you to decide your own payment schedule.

Single Premium Immediate Annuity – This option is purchased with a single payment and begins to pay out immediately.

Plan Types:

Non-Qualified Annuity – This type of annuity is not used to fund a tax-advantaged retirement plan or IRA.

Traditional Individual Retirement Annuity – This plan is allows for an individual retirement savings account with tax benefits.

Roth Individual Retirement Annuity – A Roth Individual Retirement Annuity allows your earnings to be tax-deferred, while your premium payments are not tax-deductible.