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Annuities
Create a Strategy for Your Retirement Income and Future
You've worked hard to build your life, support your family, and prepare for the future.
But one important question remains:
Will Your Money Last as Long as You Do?
At Empire Core & Legacy, we help individuals and families understand and explore annuity options that may help provide retirement income, protect principal, or support long-term financial goals.
Your Retirement Should Be About Living — Not Constantly Worrying About Running Out of Money.
What Is an Annuity?
An annuity is a contract between you and an insurance company.
Depending on the type of annuity you choose, you may deposit a lump sum or make payments over time. The annuity may provide opportunities for:
•Tax-deferred growth
•Future retirement income
•Guaranteed income options
•Principal protection features
•Death benefit options
•Legacy planning
Annuities are not one-size-fits-all. The right option depends on your financial goals, timeline, risk tolerance, liquidity needs, and other personal circumstances.
Why Consider an Annuity?
Many people spend years saving for retirement but may still worry about one major question:
"What Happens If I Outlive My Savings?"
An annuity may help create a strategy for turning a portion of your retirement savings into future income.
Depending on the annuity and options selected, it may help you:
💰 Create a Stream of Retirement Income
Certain annuities can provide income payments for a selected period or, depending on the contract and payout option, for your lifetime.
🛡️ Help Protect Your Principal
Some annuity products offer protection from market losses, subject to the terms and limitations of the contract.
📈 Grow Money on a Tax-Deferred Basis
Earnings within a non-qualified annuity generally grow tax-deferred until withdrawn. Tax rules vary, and withdrawals may be taxable.
🏡 Supplement Other Retirement Income
An annuity may be used alongside other retirement income sources, such as Social Security, pensions, savings, or investments.
❤️ Leave Money to Your Loved Ones
Some annuities include death benefit provisions that may allow remaining contract value or other applicable benefits to pass to your beneficiary, depending on the contract.
Types of Annuities
There are several types of annuities, each designed differently.
Fixed Annuities
A fixed annuity generally provides an interest rate or guaranteed return for a stated period, according to the contract.
This may be appropriate for individuals who want a more predictable approach to growth.
Potential features may include:
•Guaranteed interest rates for a specified period
•Tax-deferred growth
•Protection from direct market losses
•Future income options
Fixed Indexed Annuities
A fixed indexed annuity earns interest based in part on the performance of a market index.
It is important to understand that you are not directly invested in the stock market or the index.
Interest is calculated according to the contract's crediting method, caps, participation rates, spreads, and other terms.
Depending on the contract, a fixed indexed annuity may offer:
•Potential for interest based on index performance
•Protection from direct market losses
•Tax-deferred growth
•Optional income benefits
Immediate Annuities
An immediate annuity is generally designed to begin making income payments soon after a lump-sum premium is paid.
Depending on the payout option selected, payments may continue for:
•A specific number of years
•Your lifetime
•Two lives, such as you and your spouse
•Another period or option available under the contract
Deferred Annuities
A deferred annuity is generally designed for individuals who want to accumulate value now and begin receiving income at a later date.
You may choose to build value during your working years or before retirement and explore income options when the time is right.
Could an Annuity Be Right for You?
An annuity may be worth exploring if you:
•Are planning for retirement
•Want to create a future income strategy
•Are concerned about outliving your savings
•Want to protect a portion of your retirement funds from direct market losses
•Have money sitting in a savings account, CD, retirement account, or other asset and want to explore available options
•Are approaching retirement
•Want to supplement Social Security or pension income
•Want to create predictable income for certain future expenses
•Want to explore tax-deferred growth opportunities
How Much Retirement Income Will You Need?
When planning for retirement, consider asking yourself:
❓ How much money will I need each month?
❓ What income will I receive from Social Security or a pension?
❓ Will my savings last throughout retirement?
❓ How will inflation affect my future expenses?
❓ What happens if I live longer than expected?
❓ How much of my money do I need access to?
❓ Do I want to leave money behind for my family?
❓ How much market risk am I comfortable taking?
These questions can help start the conversation about whether an annuity may fit into your overall financial strategy.
Annuities vs. Traditional Savings
May offer tax-deferred growth
May include guaranteed income options
May offer protection from direct market losses
May include beneficiary or death benefit options
May have surrender periods and withdrawal limitations
Interest may generally be taxable annually
No lifetime income guarantee
Depends on where funds are held
Account balance passes according to account ownership or beneficiary designations
May offer greater liquidity
The right choice depends on your individual financial situation, goals, and need for access to your money.
Important Things to Understand About Annuities
Annuities can be valuable tools, but they are long-term financial products and should be understood before purchasing.
Depending on the contract, you may encounter:
•Surrender charges
•Withdrawal limitations
•Fees or charges
•Tax consequences
•Penalties for withdrawals before age 59½ in certain situations
•Limits on how interest is credited
•Rider costs for optional benefits
Not every annuity is appropriate for every person.
That is why understanding your goals, timeline, budget, and liquidity needs is important before making a decision.
What We'll Discuss During Your Consultation
During your annuity consultation, we'll start by learning more about your situation and goals.
We may discuss:
•Your current retirement plans
•Your retirement timeline
•Your existing savings and income sources
•Your goals for future income
•Your comfort with market risk
•Your need for access to funds
•Your family and legacy goals
•The types of annuity products you may be interested in exploring
The Goal Is Education First — Then You Decide What Makes Sense for You.
Frequently Asked Questions
Are annuities safe?
The guarantees associated with an annuity are generally backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are not FDIC-insured bank accounts, and protections and risks vary by product.
Can I lose money in an annuity?
The answer depends on the type of annuity and the contract. Different annuities have different risks, guarantees, fees, and market exposure. It is important to understand the specific product before purchasing.
Can I access my money?
Many annuities allow withdrawals, but contracts may limit the amount available without charges during certain periods. Early withdrawals may also have tax consequences or penalties in certain situations.
Can an annuity provide income for life?
Certain annuity contracts and payout options can provide lifetime income. The amount and duration of payments depend on the contract and the options selected.
At what age should I consider an annuity?
There is no single age that is right for everyone. An annuity may be considered based on your retirement timeline, financial goals, assets, income needs, and personal circumstances.
