I read an article this week on “How do fixed index annuities work?” and thought to share it with you. The article explains that the money used to buy the annuity is invested by the insurance company and then the annuity goes into what is called the “accumulation phase”. This is where the annuity will “earn a fixed rate of interest that is guaranteed by the insurance company or an interest rate based on the growth of an external index.” With taxes being deferred on the interest until you receive the money, this means the money can grow faster. “After a period of time specified by your contract, you may then receive a lump sum, the money over a set period of time, or as income for the rest of your life.” Call us if any of these options work for your retirement planning. We look forward to speaking with you soon and are always here to help.
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