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Immediate Annuity

There are so many types of financial vehicles that can work well in a retirement portfolio, it's important to do your research and choose one suitable for your situation. If you are looking for a source of fixed, consistent income throughout your retirement, you may want to consider an annuity. At Harlow Wealth Management, we offer our clients three different types of annuities, each with unique advantages. If you want your income payments to begin fairly soon, an immediate annuity may be the right choice for you. Here is a helpful overview of this type of insurance contract.


How Does an Immediate Annuity Work?

Immediate annuities are purchased with a lump sum of money and, in return, the insurance carrier who issued the annuity provides you with a series of payouts for a certain period of time or for the rest of your life. Immediate annuities differ from deferred annuities in that you must begin taking withdrawals immediately. There are several standard benefits of immediate annuities”

  • Taxes are deferred until you start withdrawing funds, at which point withdrawals are taxed at ordinary income rates.
  • Payments can start much sooner than with a deferred annuity

Who Should Consider an Immediate Annuity?

Immediate annuities can be beneficial for those with specific financial situations. You may want to consider one if you:

  • Need reliable income payments to start immediately
  • Don't anticipate the need to cancel the annuity or access the funds in a lump sum after you annuitize
  • Have a conservative risk tolerance

The Fine Print

Annuities are insurance products that may be subject to restrictions, surrender charges, holding periods, or early withdrawal fees which vary by carrier. Riders may include surrender charges, longer surrender periods, lower caps, or other restrictions. Annuities are not bank or FDIC insured.


Get Started With Your Retirement Planning

Choosing a suitable annuity can be a challenge, but our financial professionals are ready to help you form a comprehensive retirement strategy. Contact Harlow Wealth Management at 800-782-2136 or use the form to schedule a no-obligation meeting.

Insurance products and investment advisory services offered through Harlow Wealth Management, a registered investment advisory firm in the states of Arizona, Oregon, and Washington.

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