Annuities

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An annuity is an agreement for one person or organization, typically a life insurance company, to pay another person a series of guaranteed payments. One of the major benefits of annuities is that they offer tax-deferred growth of earnings, allowing the assets therein to compound at a faster rate than if taxes on gains were imposed.

Generally speaking, there are two types of annuities - fixed and variable:

• Fixed annuity - the insurance company guarantees the following: your account will earn a minimum rate of interest; periodic payments will be a guaranteed dollar amount; and these periodic payments will last for a certain amount of time.
  
  
• Variable Annuity – assets placed in the annuity are invested among a range of different investment options, generally mutual funds. The rate of return and the amount of the periodic payments one eventually receives vary depending on the performance of the investment options selected.

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