Don’t overlook the benefits that annuities provide during your retirement planning years. Yes, some myths make them appear to be a lousy choice, but there are reasons to trust in financial insight rather than the Google results on the Internet. Here’s some reasoning behind why financial professionals want you to consider an annuity:
- Don’t wait until you retire. If your contributions to an employer-sponsored savings plan or your IRA contributions are maxed out, a deferred annuity can help build wealth. It offers a tax-efficient vehicle that turns into income later in life.
- You can access your money. The unexpected is what life is all about, and it’s important to access your money when you need it—without hassle. So, it’s good to know that most annuities allow for withdrawals up to a certain percentage each year without charging an early withdrawal fee.
- Age doesn’t play a factor. Guaranteed income for life is hard to argue, but for many, a pension or Social Security payment isn’t enough to maintain a retirement lifestyle. An annuity is one of the few options that offer a guarantee that won’t run out before you do.
- You can allocate a beneficiary. Built-in death benefit agreements come with or can be added to many annuities. With this rider, the remaining account value (or guaranteed minimum surrender value) is paid out to your designated beneficiary.
- Trust the consumer protection. Annuity claims are backed by the claims-paying ability of any issuing insurance company. Further, if that company fails, state guaranty systems will kick in to protect you, the consumer.
Annuities can be integral to a comprehensive retirement plan. Don’t let misconceptions be missed opportunities. We’re here to help break down and simplify topics like this. Reach out to our team by calling us at (540) 720-5656 and let us help you determine if an annuity is a suitable solution for your unique situation.
Adapted from FIGMarketing Blueprint1
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.