Understanding Annuities

annuity tree

There are strengths and weaknesses with each financial product you select. The key in developing your lifelong financial strategy is to realize this and to plan accordingly. Many of us hear the term "annuity" but don't really understand what this means or what type of a financial tool it is.

What is an annuity?
The term "annuity" simply refers to a series of payments over time.

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Guaranteed Income

You go to work, you get paid. You use the regular and steady income from your job to pay your weekly and monthly bills. You use your paycheck to buy groceries, pay your mortgage and cover the heating bill.

But what happens when you retire? Where's your income going to come from when you are no longer working? How will you pay your monthly bills and daily expenses regardless of the economy, fluctuations in the stock market or shifting national politics and policies?

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Managing Your Expenses.

managingexpensesMany of us pay a large amount of money (in the form of loan interest and fees) to others for the privilege of borrowing their money. We pay loan interest on our cars, homes, and other loans. If we carry a monthly balance on our credit cards, we can be paying an interest rate as high as 29.99% or more.

We also pay other people to help us manage our money. At our financial institutions, we pay ATM fees, debit card fees, account maintenance, and transaction fees. In our qualified plans, we pay transfer fees, paper fees, and service fees, to name but a few.

To move toward and achieve financial independence means that we must grow our money over time. We want to use specific financial vehicles to achieve compound growth of our money without risk of capital loss, restrictions, or loss of liquidity.

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Tax Strategies.

taxesNone of us can know for certain what the future will bring.

We do know with relative assurance that controlling our future taxable income is important to our financial well-being.

With a little thought and planning, we can ensure that we pay the taxes we owe, but not more.
We do know with relative assurance that controlling our future taxable income is important to our financial well-being.

How can we say this?

Because in most cases, the largest amount of tax we pay is referenced to income: how much of our income is taxable and at what rate. By strategically managing our taxable income, our cash flow, our taxable expenses, and consequently, the money we pay in taxes, we end up able to keep and use more of that money.

Our ability to save in a tax-favored environment that we control can be critical to growing and keeping your long-term wealth.

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