Annuities | Up North Retirement

An annuity is an alternative investment vehicle that allows individuals to turn a portion of their assets into a realized gain that can not be lost. Annuities also allow individuals to create a personalized pension stream of income that is lifetime.

There are many different types of annuities that can meet certain financial goals of the investor. Some other goals include fixed growth, Indexed growth, paying for long term care, wealth transfer, and more.

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An annuity can fit many different types of investment portfolios. Many individuals that want to diversify their portfolios pre and post retirement will benefit from an annuity.

There are several types of annuities, each offering different cost and payout structures. These are the most common types of annuities:

Fixed Annuities 

These annuities pay guaranteed interest rates and in some cases you can defer income or draw income immediately. This option is good for people who want a simple, guaranteed fixed investment. 

Variable Annuities

These accounts allow owners to opt into a select set of subaccounts, or mutual funds. The performance of the mutual funds dictates the value of the account. This type of annuity is subject to risk and does not protect your principle from market dips.

Fixed-Indexed Annuities 

This type of annuity does a bit of everything. It can provide a fixed rate of return and also provide growth based on index performance. If someone is in need of guaranteed income or payouts based on Long Term Care, it can cover those needs as well, and more. These types of annuities can be funded with qualified and on-qualified funds.

Immediate Annuities 

An immediate annuity is a unique product that provides people with a lump sum payment up front, in exchange for regular payments until death, or for a specific period of time. Payments are often higher than those required by other types of annuities, because interest and principal amounts are included upfront.