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Annuities - Ross Hankins Insurance Agency | Agent for Insurance and Financial Services | Lawton, OK | Serving Oklahoma and Texas - Ross Hankins Insurance Agency | Agent for Insurance and Financial Services | Lawton, OK | Serving Oklahoma and Texas
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Annuities

Did you know that an annuity can be used to systematically accumulate money for retirement purposes, as well as to guarantee a retirement income that you cannot outlive?

In planning for financial security in retirement, an annuity can help satisfy two basic objectives:

  1. To accumulate retirement assets on a tax-deferred basis.
    If you’re already contributing the maximum to IRAs and any employer-sponsored retirement plans and need to save more for retirement, a deferred indexed annuity may be the answer to your retirement savings need.
  2. To convert retirement assets into an income that you cannot outlive.
    On the other hand, if you’re near or at retirement, an immediate income annuity can be used to convert existing retirement assets into a lifetime income.

What is an annuity?

An annuity is a long-term savings plan that can be used to accumulate assets on a tax-deferred basis for retirement and/or to convert retirement assets into a stream of income.

  • Life insurance provides financial protection against the risk of dying prematurely.
  • An annuity provides financial protection against the risk of living too long and being without income during retirement.

There are two basic types of annuities, depending on whether you need to accumulate assets for retirement or whether you’re at or near retirement and interested in creating a lifetime retirement income.

  1. Deferred
    A deferred annuity has two distinct phases: the accumulation phase and the annuities income phase. During the accumulation phase, you contribute premiums to the annuity, where they accumulate on a tax-deferred basis until needed for income purposes. During the income phase, the value of the annuity is converted into income payments.
  2. Immediate
    An immediate income annuity is purchased with a single premium and income. Income payments begin immediately or shortly after the premium is paid.

We offer two choices of annuities.

  1. Fixed Interest Annuities: This annuity pays a fixed rate of interest on premiums invested in the contract, less any applicable charges. The insurance company guarantees that it will pay a minimum interest rate for the life of the annuity contract. A company may also pay an “excess” or bonus interest rate, which is guaranteed for a shorter period, such as one year.
  2. Indexed Annuities: An indexed annuity has characteristics of both a fixed interest annuity and a variable annuity. Similar to a variable annuity, the insurance company pays a rate of return on annuity premiums that is tied to a stock market index, such as Standard & Poor’s 500 Composite Stock Price Index. Similar to fixed interest annuities, indexed annuities also provide a minimum guaranteed interest rate, meaning that they have less market risk than variable annuities. Since the minimum guaranteed interest rate is, however combined with the interest rate linked to a market index, indexed annuities have the potential to earn returns better than fixed interest annuities when the stock market is rising.

We would be pleased to speak with you about the advantages of annuities or provide a quote for you to review.