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Minnesota Annuity Insurance
Annuities are tax-deferred savings accounts that anyone can take advantage of to replace retirement accounts that were decimated by the stock market or just never funded.
You may be thinking that social security will take care of you during retirement. Social security only covers an average of 40% of your retirement living expenses. And the wait to start these benefits keeps getting longer and longer.
If you are already retired you may be able to move your retirement savings account into an annuity to immediately create monthly income that you can use.
Insurance Brokers of Mn, offers many different type of annuities from many top rated insurance companies, take a look
TYPES OF ANNUITY ACCOUNTS
- Immediate – An immediate annuity is usually purchased with a lump-sum and guaranteed income starts almost immediately. Your investment converts into a guaranteed stream of income that is irrevocable once payments begin. In some situations, funds can be accessed, but some restrictions apply.
- Fixed – With fixed annuities, the principal investment and earnings are both guaranteed and fixed payments are made for the term of the contract.
- Fixed Indexed – This special class of annuities yields returns on contributions based on a specified equity-based index, such as the S&P 500. A fixed indexed annuity offers returns based on the changes in a securities index, such as the S&P 500® Composite Stock Price Index. Indexed annuity contracts also offer a specified minimum which the contract value will not fall below, regardless of index performance. After a period of time, the insurance company will make payments to you under the terms of your contract. A fixed indexed annuity is not a stock market investment and does not directly participate in any stock or equity investment.
SEP and SIMPLIFED SEP PLANS
A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each plan participant (a SEP-IRA).
IRA – INDIVIDUAL RETIREMENT ACCOUNT
An individual retirement account is an investing tool used by individuals to earn and earmark funds for retirement savings. In most cases, contributions to IRA are tax deductible. For example, if someone contributes $5,500 to his IRA, he can claim that amount as a deduction on his income tax return, and the Internal Revenue Service does not apply income tax to those earnings. However, when the individual withdraws from the account during retirement, his withdrawals are taxed as income. As of 2018, annual individual contributions to traditional IRAs cannot exceed more than $5,500, or $6,500 if you are 50 or older.
contributions are not tax-deductible. Eligible withdrawal are tax-free. This means, you contribute to a Roth IRA with after-tax dollars, but as the account grows, you do not face any taxes on capital gains, and when you retire, you can withdraw from the account without incurring any income taxes on your withdrawals.
Simplified Employee Pension IRAs
Self-employed individuals, such small business owners, can set up a plan. If a business owner sets up a SEP IRA for his employees, he can deduct the contributions from his reported business income and potentially secure a lower tax rate on his business income. The employees are not allowed to contribute to their accounts, and when they make withdraws from their accounts during retirement, the withdrawals are taxed as income
Savings Inventive Match Plans for Employees are also for small businesses and self-employed individuals. SIMPLE IRAs allow employees to make contributions to their accounts, and the employer is required to make contributions. All the contributions are tax deductible, potentially pushing the business or employee into a lower tax bracket, a helpful way to reduce one’s tax bill.
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Two reasons to act now!
- The longer you wait, the more you need to put away. Begin building your retirement immediately with an annuity.
- We will give you a no-risk retirement projection within a day. Just complete this short form and we’ll show you how you can use annuities to achieve the retirement you need.
Agents located in: Anoka, Ada, Altoona, WI, Bemidji, Blaine, Brandon, Brooklyn Center, Buffalo, Burnsville, Byron, Coon Rapids, Cambridge, Cannon Falls, Dawson, Duluth, Forest Lake, Graceville, Grand Forks, Ham Lake, Hermantown, Hibbing, Inver Grove Heights, Isanti, Jordan, Lino Lakes, Little Falls, Maple Plain, Otsego, Pequot Lakes, Princeton, Ramsey, Rogers, Richfield, St Cloud, St Paul, Thief River Falls, Waconia, Wheaton
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If you would like more information on Personal Risk Management, you can call us at 1-877-323-3314, or fill out the quote form and we’ll contact you.