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If you are in or near retirement, you probably have some money set aside in the form of savings, CDs, mutual funds, 401(k) plans, or IRAs. A single premium immediate annuity, such as "The B.E.S.T. Income Annuity", allows you to convert part of your retirement funds into a stream of guaranteed, lifetime income payments using a single lump sum of money called a “premium.” In return, you receive a check from American Savings Life on a monthly, quarterly, semi-annual or annual basis that can be guaranteed, for the rest of your life.
An income annuity can help protect against the risk of outliving your savings. No matter how long you live, you will always have the security of knowing that you have a regular monthly income. The amount you receive each month is guaranteed, and payments will continue for as long as you live or a predetermined period that you choose. An option even allows the payments to continue for as long as either you or your spouse will live.
An income annuity can provide protection against losing retirement savings if stock market performance declines. Regardless of the ups and downs of the financial markets, you can be confident that your annuity income is locked in and guaranteed. Additionally, with this product you set aside a reasonable part of your assets to help cover future living expenses. Monthly income checks, should you choose this payment option, make it easier for you to stay on budget, and to ensure your basic needs such as food, housing and health care are covered.
A Lifetime Income Annuity is not an investment that provides you with a rate of return over a fixed period of time. Rather, this annuity is an income product that provides you with fixed monthly income that is guaranteed for life … no matter how long you live … and no matter how the markets perform. The total payout you receive from this income annuity will be largely determined by your own longevity. The longer you live, the more income you will receive.
Income payments generally begin one payment period after the policy date. If you choose to receive a monthly income, your payments will begin one month after the policy date, whereas if you choose to receive a quarterly income, payments will begin three months after the policy date. You may select the start date for receiving payments, but payments must begin within one year of the policy issue date.
80 years is the maximum allowed for any payout option. 81 to 95 for any payout option with installment refund or Period Certain of 10 years or more.
To fund your annuity, you may want to use a portion of your checking or savings accounts, CDs and mutual funds, or inheritances. Transfers of certain retirement accounts, such as your IRA, 401(k) or lump-sum pension plan payout are eligible for this annuity.
You can purchase an income annuity with any amount of $25,000 or more, though premium payments of $500,000 or more requires prior American Savings Life Insurance Company approval.
Unlike some income annuities, one of the payment options you can select with The B.E.S.T. Income Annuity is a "Cash Refund" feature that guarantees that you will not lose any of your premium. If you die before your monthly income payments equal the full amount of your annuity purchase price, your beneficiary will be paid the difference. Additional payout features are also available.
Money used to purchase this plan will be permanently locked into the contract and can only be returned in the form of monthly, quarterly, or annual payments.
If you use after-tax funds to purchase a single premium immediate annuity, the income payments you receive may be only partially taxable. The non-taxable portion of each payment is a level percentage that represents the return of principal over the life of the contract. Depending on your age and the payment option you choose, this percentage will vary. If you are using tax-qualified funds (Traditional IRA, TSA, 401k money for example) to purchase your Single Premium Immediate Annuity, the payments you receive are generally fully taxable as you receive them because they represent funds that have not been taxed before. Roth IRA funds are after tax funds and are generally tax exempt if payments are received after age 59½
If you are in or near retirement, you probably have some money set aside in the form of savings, CDs, mutual funds, 401(k) plans, or IRAs. A single premium immediate annuity, such as “The B.E.S.T. Income Annuity, allows you to convert part of your retirement funds into a stream of guaranteed, lifetime income payments using a single lump sum of money called a “premium.” In return, you receive a check from American Savings Life on a monthly, quarterly, semi-annual or annual basis that can be guaranteed, for the rest of your life.
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