Annuities

Typically purchased at or close to retirement age
Purchased either with a lump-sum or periodic payments
If purchased with qualified funds, certain requirements apply
Payments begin at an advanced age and can be made over a fixed number of periods or over the lifespan of the individual
Several types of deferred annuities are available:
- Indexed Deferred Annuity
- Multi-Year Guarantee Annuity (MYGA)
- Renewal-Rate Annuity
- Bonus Annuity
- Lifetime Income Deferred Annuity

Distributions normally begin within one year from the date the annuity is established
Payments can be made over a fixed number of period or over the lifespan of the individual
Under federal income tax law, certain withdrawals before the age of 59 ½ years may be subject to a 10% penalty tax.¹

¹State or local income tax law may differ from federal law.