Let's Chat About Fixed Rate Annuities
Bruce M. Weinstein
#beinsurancefit 💪 | Health Insurance Specialist | Medicare Enrollment Expert | Retirement Solutions Insurance Leader | Business Owner Insurance Consultant | Transforming the "One Size Fits All" Insurance Methodology
We've been talking a lot about annuities recently. You may have even tuned in to Part 1 and Part 2 of our recent podcast episodes (if you haven't, click those links to give them a listen).
Today, let's narrow it down a bit. First, there are four kinds of annuities, and we're diving deep into one special type - fixed rate annuities.
So, what's the deal with fixed rate annuities? Imagine a CD from your bank, but this time, it's from an insurance company. It's like having a big umbrella shielding your dough from taxes as it grows.
But, keep in mind, the growth rate's modest - think 3% to 7%. Right now, though, you're looking at a sweet 5% to 7%.
Why go for it? That tax umbrella, my friend.
It keeps the tax off your cash, letting it grow tax-free 'til you need it.
There's a twist though - pulling your money happens in the form of LIFO - last in, first out, meaning the tax man gets his share before you're able to dip into your original investment.
But don't stress, I've included a short 2 minute video below to give you a quick crash course on fixed rate annuities, and we'll be covering the topic more in future episodes (so be sure to hit the follow button on our YouTube channel).
If you're interested in exploring how annuities could enhance your retirement income strategy, we at Weinstein Wealth Insurance Solutions are here to assist.
Our goal is to help you make well-informed decisions to safeguard your financial future. For more details or to discuss your specific needs, respond to this email or give us a call at 1-844-4WeCover.
Until next time!