Services
Annuities
Secure Your Future with Tailored Annuities.
Embrace financial stability and peace of mind with our tailored annuity solutions. At Ascension Financial, we understand that securing a comfortable and worry-free retirement is a priority for you. Our annuities are designed to provide a reliable, steady stream of income, tailored to your life’s goals and financial needs. Whether you’re planning for future expenses or ensuring a consistent lifestyle post-retirement, we’re here to guide you toward a secure financial future.
Let us help you navigate the complexities of retirement planning with ease and confidence. Our expert advisors are dedicated to crafting personalized annuity strategies that align with your unique circumstances and aspirations. With Ascension Financial, you’re not just investing in an annuity; you’re investing in your lifelong peace of mind and financial well-being. Start your journey towards a secure retirement with us today.
Why Choose an Annuity?
Annuities can offer several benefits for financial planning, depending on individual financial goals and circumstances. Here are some potential advantages of incorporating annuities into a financial plan:
Steady Income Stream
One of the primary benefits of annuities is their ability to provide a steady stream of income. This can be particularly useful for retirees looking to create a reliable income source during their non-working years.
Lifetime Income Option
Some annuities offer a lifetime income option, ensuring that the annuitant receives payments for the rest of their life. This helps mitigate the risk of outliving one's savings, providing financial security in retirement.
Diversification + Retirement Income
Annuities can be part of a diversified retirement income strategy. When combined with other sources of income, such as Social Security, pensions, and investment accounts, annuities can help create a well-rounded financial plan.
Tax Advantages
Annuities can offer tax-deferred growth, meaning the earnings on the investment are not taxed until they are withdrawn. This can be advantageous for individuals looking to minimize current tax liabilities.
Death Benefit
Many annuities come with a death benefit, which means that if the annuitant passes away before receiving the full value of the annuity, the remaining amount is paid to a designated beneficiary.
Protection Against Market Volotility
Fixed annuities provide a guaranteed interest rate and principal protection, shielding the investor from market fluctuations. This can be appealing to those who seek a conservative investment option with predictable returns.
Long-Term Care Benefits
Some annuities offer long-term care riders, allowing the annuitant to access a portion of the annuity's value to cover qualified long-term care expenses. This can be a valuable feature for individuals concerned about potential healthcare costs in retirement.
Flexible Payout Options
Annuities often provide flexibility in choosing payout options. For example, annuitants can opt for a lump sum, periodic payments, or a combination of both, depending on their needs.
Simplified Estate Planning
Annuities with designated beneficiaries can facilitate a smoother estate planning process. The death benefit is typically paid directly to the beneficiaries, avoiding the probate process.
Inflation Protection
Some annuities offer inflation protection features, adjusting the income payments to keep pace with increases in the cost of living. This can help maintain the annuitant's purchasing power over time.
While annuities offer these benefits, it's crucial to note that they may not be suitable for everyone. Annuities often come with fees, surrender charges, and complex terms, so it's important to carefully review and understand the terms of any annuity contract. Consulting with a financial advisor can help individuals determine if an annuity aligns with their overall financial goals and needs.
TYPES OF ANNUITIES
Immediate
With an immediate annuity, you make a lump sum payment, and the annuity payments begin almost immediately, often within a month. It provides a steady stream of income for a predetermined period or for the annuitant's lifetime.
• Immediate Income Stream
• Suitable for those seeking immediate retirement income
Deffered
Deferred annuities involve making one or more premium payments, with the annuity starting at a future date. The funds in the annuity accumulate on a tax-deferred basis until the annuitant decides to start receiving payments.
• Allows for tax-deferred growth.
• Can be used for retirement savings with the option to convert to an income stream later.
Fixed
Fixed annuities offer a guaranteed interest rate for a specified period. The insurance company assumes the investment risk, and the annuitant receives a fixed amount of income during the payout phase.
• Principal protection and a predictable income stream.
• Suited for those seeking stability and risk aversion.
Variable
Variable annuities allow the annuitant to invest in a variety of sub-accounts, similar to mutual funds. The value of the annuity and the income it provides can vary based on the performance of the chosen investments.
• Potential for higher returns based on market performance.
• Investment risk is borne by the annuitant.
Fixed Index
Fixed index annuities offer returns linked to the performance of a stock market index, but with a guaranteed minimum interest rate. They provide a balance between market participation and downside protection.
• Potential for higher returns than fixed annuities.
• Protection against market downturns.
Qualified Longevity Annuity Contracts (QLACs)
QLACs are a type of deferred income annuity designed to help address longevity risk. They are purchased with funds from a qualified retirement account and provide a guaranteed income stream starting at a later age.
• Helps protect against outliving retirement savings.
• Can be used to meet required minimum distribution (RMD) rules.
Guaranteed Minimum Income Benefit (GMIB)
GMIB annuities guarantee a minimum level of income, regardless of the actual account performance. The annuitant can typically receive the greater of the investment performance or the guaranteed minimum.
• Provides a safety net for income in volatile markets.
• Combines market participation with a guaranteed minimum.
Guaranteed Minimum Withdrawal Benefit (GMWB)
GMWB annuities guarantee the annuitant the ability to make withdrawals up to a certain percentage of the initial premium or a higher market value, even if the account value decreases.
• Offers flexibility in withdrawals while providing downside protection.
May include a guaranteed lifetime income feature.
