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Variable annuities can form part of your retirement or financial plan for the future. You purchase a variable annuity, usually from an insurance company, by making a lump sum payment or periodic payments over a pre-determined time frame. In return, you will receive regular payments which start when you are ready, for example, when you retire. With a variable annuity, you have some freedom to choose a variety of investments. Most of the funds are usually invested through mutual funds in stocks and bonds or other money market strategies. The value of your investment is obviously decided by the performance of the options you choose. Variable annuities have several advantages as long term investment strategies. From this type of investment, you are able to receive periodic payments for your lifetime, making them an excellent choice for funding your retirement. This is like life annuities, just an option within the contract. Added to this is the death benefit, which is paid to your beneficiaries if you die before withdrawing any of your money from the annuity. Tax benefits are an advantage to variable annuities; no tax is payable on any income from your annuity until you commence withdrawals. You are also allowed to transfer funds between different annuities without any taxation being applied. The two parts of the variable annuity are the accumulation phase and the payout phase. The accumulation phase is when you are paying into your investment, having the choice of where your funds are invested. You can choose to split payments into different aspects of the mutual fund, which tend to fluctuate, or to a fixed account, which maintains a fixed interest rate. The payout phase is when you withdraw the money. You have the option of withdrawing all funds and interest in one lump sum or you can arrange to receive regular payments. The periodic payment option makes this an ideal vehicle for funding retirement. You should consider variable annuities as a long-term investment for long range goals like retirement. You will have tax penalties applied to any amount you withdraw from your annuity early. Article Tags: Variable Annuity, Variable Annuities
Variable,Annuity,Information,V