services
Annuities
Replace your low performing assets, Muni, CD or T-Bill with an immediate annuity to increase your yield.
protect your financial future
How certain are you that you will have an income for life?
Annuities have been in existence for well over two hundred years. Annuities allow you to accumulate tax-deferred funds for retirement and then, if you desire, receive a guaranteed income (this process is called Annuitization) payable for life or for a specified period of time: generally a term of five or ten years. Annuities are very similar to CDs offered by banks. Just like banks, insurance companies offer different rates and returns on annuity investments.
What are your plans for retirement?
Why would I want to purchase an annuity?
Annuities offer many benefits over traditional retirement savings plans. Perhaps the foremost of these benefits is a higher return. Unlike most savings plans, an annuity accrues interest tax-deferred until you choose to withdraw. Furthermore, an annuity is uniquely flexible, allowing you to customize its features based on your terms.
All annuities have three primary advantages: Tax Deferral, Avoidance of Probate, and a Guaranteed Income (optional) for a fixed period of time, or income for life. The biggest advantage of an annuity is that your money grows tax deferred until you withdraw it. The tradeoff is that if you take your money out before age 59½, you may have to pay a 10 percent early withdrawal penalty to the IRS.
Most life insurance companies sell annuities. You pay the insurance company a sum of money, either all at once or incrementally. The type of annuity you own determines whether your money earns a fixed amount or an amount that depends on the equities in which the annuity is invested. At a designated time chosen by you, known as the maturity date, the insurance company generally begins to send you regular distributions from the annuity’s account. Or, you may be able to withdraw the money over time or in one lump sum.
Why choose Richard S. Bernstein & Associates?
With so many options from which to choose, deciding on the life insurance policy that’s best for your needs can be a challenge. Our licensed professionals will provide you with a comprehensive needs analysis analyzing your needs, budget, and risk tolerance to determine the type of policy that’s right for you. Being in the insurance business since 1964, Richard S. Bernstein personally works to obtain the best underwriting offers for you with the best insurance carriers and will provide you with an array of options to meet your needs.
If you would like for one of our experienced life insurance advisors to examine your individual needs, offer our expert advice, and give you a quote, please fill out the box above to contact us today.
