Taxes are done – now it’s time to assess for the new year tax advantages and annuities that you might want to consider.
Finally, the April tax season is over! What will you do the rest of the year to minimize your tax burden for next year? One option is to accumulate money in a Tax Deferred Annuity. Interest-earning growth is tax deferred until money is withdrawn later in life.
IRS distribution penalties may apply if money is withdrawn before the age of 59 1/2.
Tax Deferred Annuities offer insured’s the ability to make unlimited contributions and do not impose a withdrawal requirement date of 70 ½ years old, like qualified plans do such as IRA’s or pension plans. Withdrawals can be timed based on the insured’s income needs and personal tax situation. Lastly, an annuity can be annualized to provide a guaranteed lifetime income. Definitely worth checking into!
In summation, annuities allow tax-deferred growth during the accumulation phase and possible income tax advantages during the withdrawal phase. Give Randy Jones Insurance Services a call or email to see if an annuity might be a good fit in your financial portfolio.