The Right Time to Purchase an Annuity

Shot of a senior couple using a laptop together at home. By shapecharge/istockphoto

The Right Time to Purchase an Annuity

Is it too late to save for retirement? How much should be in my 401k? Is my financial future secure? These questions may be running through your mind as you begin to think about your retirement finances. Companies aren’t giving their employees pensions like they used to, and depending on how long you’ve been saving, the idea of giving up your secure benefits and paychecks may be daunting. So what other resources can help you plan for a financially secure retirement? It may be time to look into a fixed rate annuity.

Fixed Rate Annuities

While you may have been investing in a traditional retirement savings account through your work or on your own, it can still be worrisome there won’t be enough money. Investing in a fixed rate annuity can help you supplement your future income. Fixed rate annuities may offer a safe and secure way to invest your hard-earned money. A fixed rate annuity locks in your interest rate for the entirety of the guarantee period so your premium will earn money without you having to do a thing.

When You Are Getting Ready to Retire

For many people, the time to invest in an annuity is when they are financially preparing for retirement. After going through your traditional options, and depending on the age you plan to retire, including the supplement of the payments from an annuity can help your future plans. If you are interested in finding more ways to supplement social security and monthly income options an annuity may be a good fit.

When You Have the Money to Invest

Putting your money into an annuity may feel like a good idea, but only if you are financially prepared to. If you are thinking about putting your money into a multi-year guaranteed annuity (MYGA), your money will be tied up for the guarantee period to grow. Some annuities do allow you to take up to a 5% withdrawal per year penalty free. For example, investing $25,000 into a 5-Year MYGA means you won’t be able to touch much of that money without incurring penalty fees during those five years. However, if you have the ability to invest into an annuity without worry about future finances, it can be great time to purchase an annuity.

When You Find an Interest Rate for You

Interest rates are always subject to change. When looking to invest into an annuity you may want to be ready to make a move when an interest rate you want comes up. For new MYGAs, interest rates can change from week to week, but once issued your interest rate is locked in for the entirety of the guarantee period. While waiting to make your investment until you see the interest rate you are ready for, you must also be ready to make the investment when it does come up.

Do you feel like any of the above scenarios describe you? Americo Financial Life and Annuity Insurance Company is here to assist you in finding a fixed rate annuity that can work for your financial goals. Discover what a fixed rate annuity can do for your future. If you feel ready to discuss or want to know more, contact us today.

Americo Annuity is a marketing website representing Americo Financial Life and Annuity Insurance Company (AFL). Annuity policies are underwritten by AFL, Kansas City, MO, and may vary in accordance with state laws. Not all policies are available in every state. AFL is authorized to conduct life insurance business in the District of Columbia and all states except NY.

Platinum Assure Series (Policy Series 320) is underwritten by Americo Financial Life and Annuity Insurance Company (Americo), Kansas City, MO, and may vary in accordance with state laws. Product and rider may not be available in all states. Certain restrictions apply. Consult contract for limitations and exclusions.