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Home > Insurance Services > Life Insurance > Fixed Annuities
Fixed annuities can play an important role in your retirement planning. While a pension and Social Security may provide some retirement income, it may not be sufficient for the kind of retirement you want to have. Fixed annuities can help you save for retirement and provide you with additional income over the years ahead.
Essentially, a fixed annuity is a CD-type investment issued by an insurance company. You pay into the annuity, either in one lump sum or in payments over time. In exchange, you get a guarantee of receiving payments in the future, either for a specified period or for the duration of your life.
Annuities are designed to help you save for your retirement and provide you with income when you retire. They offer several benefits, including:
Fixed annuities can be immediate or deferred. Deferred fixed annuities accumulate interest at a regular rate, while immediate fixed annuities make fixed payments during your retirement, with amounts determined by your age and the value of the annuity. Fees for fixed annuities vary, depending on type and amount, and the costs involved may be difficult for a person to understand without assistance from a professional. If you are considering a fixed annuity to improve the quality of your retirement, our agent at Connor Insurance Agency in Sherrills Ford, North Carolina, can help find the right insurance product for you and your spouse.
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