- Are you 59 ½ or retired?
- Do you have a 403b or TSA through your school or work?
- Have you analyzed the fees and investment performance of your current account?
- Now is the time to see what type of options you have for your hard saved money.
- Will you need an additional income stream 10 or 20 years from now?
Remember your COLA is only 3% of the first $13,000 or $390 annually. That means if your pension was $50,000 and inflation is only 3% you will need over $90,000 in 20 years to have the same buying power.
You can use your annuity to create an income that cannot be outlived.
Learn some of the estate planning benefits of rolling over your 403b to an IRA.
Contact us to schedule a complimentary meeting with professionals that specialize in working with educators.
What is an annuity?*
An annuity is a contract that makes payments to you at regular intervals based on purchase payments that you pay for the contract. The main reason to buy an annuity contract is to obtain an income, usually for retirement purposes. You can buy annuity contracts from life insurance and other financial services companies.
Our companies offer three different types of fixed annuities:
- A traditional fixed annuity offers the stability of a fixed interest rate that is determined by the company and is guaranteed never to be below a minimum interest rate.
- A fixed-indexed annuity is a variation of a traditional fixed annuity, and gives you the opportunity to earn interest at an interest rate that is determined according to a formula based, in part, on the change of a referenced index, such as the S&P 500®.*
- An immediate annuity is an annuity that can give you access to a stream of income immediately after you purchase it.
Annuity income payments are often made monthly, although other frequencies are available. An annuity contract is not a life insurance policy or a health insurance policy. It is not a savings account or savings certificate, nor should it be bought for short-term purposes.
Are there charges that will affect the value of my annuity?
There are no up-front sales charges or administrative fees. If you withdraw all or part of your annuity, you may incur an early withdrawal charge. This charge is usually a percentage of the value of the contract, or of purchase payments paid, and takes effect if you withdraw the full or partial value of the contract. The percentage may be reduced or eliminated after the contract has been in force for a certain number of years.
How much income will I receive from my annuity?
The amount of each annuity payment is determined when payments begin. Annuity payments are based on both the value of the contract and the contract’s annuity purchase rate when the annuity payments start. The annuity purchase rate depends on your age, gender and the annuity payment option you have chosen.
* Great American Life Insurance Co.