A large part of the popularity of annuities is in their flexibility. Simply put, an annuity is a contract with payments and benefits that can be structured in several ways.
Lump-sum or periodic payments can start immediately upon purchase or at a future date. If the owner dies early, the heirs may be able to collect the amount of the owner's contributions, plus any investment gains that were locked in during the owner's lifetime.
Many retirees and pre-retirees are using annuities as part of their overall financial plans instead of savings accounts and CDs because tax-deferred funds in annuities can grow and compound faster over a shorter period of time.
- Annuities can help reduce or eliminate the tax on Social Security Retirement income.
- Annuities can help provide insurance for long-term care and may be used in certain situations to shelter non-exempt assets in Medicaid planning.
- IRA Rollovers keep retirement plan distribution money working for the client.
With the many types of fixed, variable and index-based annuities available, there is a product for every conceivable age and situation, financial need and set of circumstances.
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