The Everything Personal Finance in Your 40s and 50s Book by Jennifer Lane

Author:Jennifer Lane
Language: eng
Format: epub
Tags: ebook, book
Publisher: F+W Media
Published: 2010-09-24T00:00:00+00:00

Annuities

Annuities are products provided by insurance companies with special tax and insurance benefits. Annuities usually bundle a variety of investment choices, called subaccounts, that bear a resemblance to mutual funds. The earnings and investment profits in the annuity aren’t taxed until they’re withdrawn. When you do make withdrawals, you pay income tax on the amount you take that is over and above your original deposit. This doesn’t matter whether the earnings were from capital gains or from interest earned by the investments within the annuity. Your investment in the annuity is only as secure as the insurance company itself; be sure to check the financial-strength ratings of the insurance company you’re considering.

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