Immediate vs. Deferred Annuities

Cashmore Financial Group
https://cashmorefinancial.com/
(847) 231-6150

Some annuities allow you to control the timeframe of when you begin receiving payments. This can be particularly helpful for financial planning or if your life or work circumstances change. With an immediate annuity, you begin receiving payments within a year after purchasing it. An immediate annuity is typically funded by a retirement account, such as a 401(k). It is a good option for those ready to leave the workforce, but still want to maintain a steady income.
If you have no immediate need for annuity payments, you can opt for a deferred annuity. With a deferred annuity, you delay receiving monthly income payments to a future date, giving your money in the account time to grow. A deferred annuity is good option for those who need the funds to begin paying out by a specific target date, such as a known retirement date. Until that date, your invested funds continue to grow on a tax-deferred basis. To find out more about immediate and deferred annuities, call us today.
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