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Wealth Management

 

Time could be on your side when it comes to investing.

 

Generally speaking, the longer you invest the more potential your money has to grow. If you are still trying to recover from losses in recent years and you’re looking to get back on track to accumulating wealth, you may want to consider a more aggressive asset allocation with at least a portion of your money. However, those who’ve lost in the stock market may sometimes be a little more wary of approaches that increase their market risks.

 

If that sounds like you, there are more conservative investment options available that provide the potential for wealth accumulation. Using these investment options in conjunction with insurance contracts such as annuities can help you design a more conservative retirement strategy. After all, the last thing you want to do in retirement is lose more ground during another market correction.

 

Annuities

If you’ve ever worried about outliving your retirement savings, you’re not alone.

 

With over 25 years of financial services experience we find that a large number of our clients indicated they would be willing to give up smaller pay increases in exchange for steady and reliable income in retirement. We also have found that the disappearance of pensions has made it harder to achieve the American dream.

 

With pension offerings on the decline, you may want to consider a fixed income component to your financial strategy. In short, adding an annuity may be an opportunity to help ensure a portion of your retirement income will be guaranteed.  

 

What is an annuity?

An annuity is a contract you purchase from an insurance company.

 

For the premium you pay, you receive certain fixed and/or variable interest crediting options able to compound tax deferred until withdrawn. When you are ready to receive income distributions, this vehicle offers a variety of guaranteed payout options — some even for life.

 

Most annuities have provisions that allow you to withdraw a percentage of the value of the contract each year up to a certain limit. However, withdrawals will reduce the contract value and the value of any protected benefits. Excess withdrawals above the restricted limit typically incur “surrender charges” within the first five to 15 years of the contract. Because they are designed as a long-term retirement income vehicle, annuity withdrawals made before age 59 ½ are subject to a 10 percent penalty fee, and all withdrawals may be subject to income taxes.

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