Fixed annuities can definitely be a great idea for seniors. The set payout creates a known, predictable income stream that helps supplement a senior’s other retirement income. They are low-risk and generate a guaranteed interest rate return.
There are immediate and deferred fixed annuities and they are set up through insurance companies. If you’re already at the retirement age, you may want to consider an immediate annuity. If you’re in younger years, then a deferred annuity may be more preferable.
An immediate fixed annuity makes fixed payments starting when the annuity is established that are determined by your age and the size of your annuity (how much money you put into it). A deferred annuity accumulates over time.
If you would like to look into fixed annuities in further detail and see what interest rates are available in today’s market from a number of different carriers, please send me an e-mail via the contact me button next to my name. I have an agent in my office that has a strong background in fixed annuities and can help get your program set up.
I hope the information is helpful – please feel free to contact me with any other questions as well. Thanks very much.