Retirement & Insurance
How does one’s life look after retirement. The asserting question, what would be the source of earning now? That is why retirement insurance plans are around- to stop you form worrying about a situation that can easily be amended by a series of well placed programs and plans. A retirement plan is a saving fund that you frequently invest to, which is then collected and invested profitably. During retirement days the trustee can simply cash in income from the fund that was built from prior savings.
 
Ø IRA
IRA is an abbreviation for Individual Retirement Account, an account set up at any financial institution or insurance company that allows a person to set aside a sum of money for retirement purposes. Contributions to an IRA are invested in stocks, securities, annuities, or mutual funds, depending on investments the specific IRA’s custodian allows. IRAs allow for tax-free or tax-deferred growth, depending on the particular IRA an investor chooses
 
Ø An Annuity 
An annuity is an account that generates income during retirement. It helps you get a regular sum of payment for life. The insurance companies invest the money paid by the investors, and the money generated by those investments is then returned to the investors. Annuity plans that guarantee lifelong income at annual intervals are a good design for investors. There are two different types of annuities;
 
1. Fixed Annuity 
A fixed annuity allows the accumulation of capital on a tax deferred basis. In exchange for a registered amount of money, a life insurance company or any financial institution credits the annuity account with a guaranteed fixed interest rate while securing the principal investment.
 
2. Variable Annuity 
A variable annuity is a tax-deferred plan that allows you to choose from a selection of investments and then pays income in retirement determined by the selected investments’ performance. Comparing that to a fixed annuity provides a guaranteed payout.
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