What is an Annuity?
An annuity is a series of payments made at regular intervals. You can buy annuity contracts from life insurance companies. In return for premiums that you pay, the company will pay you an annuity. The main reason to buy an annuity contract is to obtain an income, usually for retirement purposes. An annuity contract is not a life insurance policy or a health insurance policy. It is not a savings account or savings certificate, nor should it be bought for short term purposes.
Would you like to save money for retirement and cut your current income taxes at the same time? The IRS doesn’t count tax-sheltered annuity contributions as income, so you can end up paying taxes on less of your income. Annuities also provide a higher rate of return on your investment than most traditional savings accounts and CDs.
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