Today, the majority of the burden for retirement income seems to have shifted to the individual. For this reason, you may want to consider a guaranteed* fixed income component to your retirement strategy. In short, adding an annuity may be an opportunity to help ensure a portion of your retirement income will be guaranteed.* An annuity is a contract you purchase from an insurance company. For the premium you pay, you receive certain fixed and/or variable interest crediting options able to compound tax deferred until withdrawn. When you are ready to receive income distributions, this vehicle offers a variety of guaranteed* payout options. Most annuities have provisions that allow you to withdraw a percentage of the value of the contract each year up to a certain limit. However, withdrawals will reduce the contract value and the value of any protected benefits. Excess withdrawals above the restricted limit typically incur “surrender charges” within the first five to 15 years of the contract. Because they are designed as a long-term retirement income vehicle, annuity withdrawals made before age 59½ are subject to a 10 percent penalty fee, and all withdrawals may be subject to income taxes.
*Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods, which vary by carrier. Annuities are not FDIC insured.
Your retirement lifestyle is in your hands, but it will take planning to get you to where you want to be.
Hope is not a very reliable strategy, so if you want to own your future, you must begin to plan for retirement TODAY.
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We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.
Peter Bombara is a registered representative of and offers securities to residents of NJ & NY and advisory services to residents of NJ through Lincoln Financial Securities Corporation, Member LFS-1679636-011017 SIPC. In NY, insurance may be offered through LFS Marketing & Insurance Agency Corporation and other fine companies. Lincoln Financial Securities and their representatives do not offer tax or legal advice. Please see your personal professional regarding your individual situations. Lincoln Financial Securities Corporation is not affiliated with PCB Financial Advisory Group.