The Federal Reserve indicated it plans to keep rates tagged near zero for the foreseeable future. The Fed will allow inflation to run higher than the traditional 2% target before it will increase short-term interest rates, according to Fed Chairman Jerome Powell. This is great news for those buying a home. But it is a challenge for those seeking retirement income.
There are options that may enhance income from your savings. One such option is a deferred fixed annuity. These tools often pay interest rates higher than other traditional fixed instruments. You can being taking interest income as soon as one month after owning a policy. Income not taken and left in the policy simply grows tax deferred until accessed.
As an option in the future, you can “annuitize” your policy value into a series of guaranteed payments for life or for a specified period, for you and (if you purchase a joint contract) your spouse. This spreads out the tax due as the income received each month is principal and interest.
An annuity can enhance your retirement income portfolio. Let us help you get your money to work for you! Now is the best time to schedule a time to visit!
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