Annuities in Pennsylvania.
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Are you worried about saving for retirement? Do you want to ensure you have an income to support you throughout the remainder of your life? An annuity investment is a savings tool that might help you satisfy both of those needs.
Annuities offer different options and savings tracks to help investors receive the income benefits that are best for them. If you are curious about your annuity options, don’t hesitate to contact Reviello’s Insurance Agency. Our agents will work with you to help you understand the ins and outs of the annuity you choose. So, call us at 570-497-4784 or request more information now!
Common Annuity Questions
What is a retirement annuity?
An annuity is a long-term investment contract that you make with an insurance company. The insurance company then invests your money to allow the annuity to grow in value and provide income returns to you over the years. The annuity can serve as a source of income to individuals throughout their lives.
What type of annuity is generally purchased by people of retirement age?
There are a variety of annuities out there that you might choose from, including:
- Variable Annuities: You can choose from various investment options that offer different rates of return. Therefore, the income in the annuity might fluctuate.
- Fixed Annuities: Investments in fixed annuities offer guaranteed rates of return.
- Immediate Annuities: By investing a lump sum in this annuity up front, you guarantee yourself a predictable income throughout your lifetime. The annuity begins to pay immediately.
- Fixed Indexed Annuities: With these annuities, you might be able to increase your income as investment indexes change. However, downturns in the market won’t mean losses.
Are retirement annuities taxable?
While money remains in an annuity account, it is tax deferred. However, once you withdraw money, some or all of it becomes taxable income. The entire amount withdrawn from qualified annuities is taxable, whereas non-qualified annuities only include tax burdens on the earned income.
What is a non-qualified annuity?
When you buy a non-qualified annuity, you invest money that you have already paid taxes on. Therefore, you only pay tax on the investment earnings.
What is a deferred annuity?
When you sign up for a deferred annuity, you agree to pay for the annuity, but understand that it will only begin to pay you a return income later.
When can you cash out an annuity?
Most of the time, you can withdraw annuity money at any time. However, it is often better to wait until after the account begins to mature. That way, you can allow better growth prospects for your investments and you can avoid the potential for withdrawal penalties.
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