Annuities

Are you looking for potential retirement income that you cannot outlive? Let Daines Insurance show you options you may have by purchasing an annuity. An annuity is a contract issued by an insurance company designed to help you set aside money on a tax-deferred basis. This means that the principal return is tax-deferred, and the owner only pays taxes when withdrawing funds. Early withdrawals may be subject to surrender charges (contingent deferred sales charges). Withdrawals may be subject to ordinary income tax and, if taken prior to age 59 1/2 a 10 percent federal tax penalty may apply. Fixed annuities are not insured or guaranteed by the FDIC or any other government agency. The result over the long-term is more cash available to earn interest. An individual can also decide on accruing funds with a fixed or variable rate. Another valuable feature is the death benefit provision – one has the option of choosing his beneficiary and upon the owner’s death the funds are paid directly to the beneficiary. Daines Insurance has a wide array of product options that may be right for anyone looking into the annuity market.