Annuities in Gainesville, FL – Hartfield Insurance Group
As a member of the Gainesville community, Hartfield Insurance Group wants to work with you to provide insurance products that meet your needs and fit your budget. We understand that different products, such as annuities, can have complicated language that you may not be familiar with; we can provide that expertise. Working with our agency, we can help you choose the right annuity for your needs that will provide you the financial stability you desire.
Our office has worked with the local Gainesville residents, providing trusted insurance services from reputable insurance companies, and we want to bring you the same level of quality we’ve brought countless clients. Let us use our experience and our compassion to assess your situation and provide you with affordable annuity options, so you can choose what works for you.
Annuity Products and You
An annuity is an insurance product that you make a series of payments to that function like a savings plan that provides retirement income; this income may be primary or supplementary to other retirement income. When it comes to annuities, there are two basic classifications: immediate annuities and deferred annuities.
If you choose an immediate annuity, you will begin to receive payments within a short amount of time after you start with your initial payments. Immediate annuities are more commonly purchased when you are closer to the age of retirement, allowing you to deposit payments and collect soon after.
On the other hand, a deferred annuity allows you to invest your payments over a length of time before you start to collect. With a deferred annuity, you will often start receiving withdrawals at retirement age; this means a deferred annuity tends to accumulate funds for many years.
When you choose an annuity, you are often able to select a fixed annuity or a variable annuity.
Fixed annuities are insurance contracts that have fixed payments to the annuitant, or policyholder, for the term of the contract. In most instances, the insurance company pays this amount until the annuitant passes away.
Variable annuities are insurance contracts that pay out based on market performance and the number of investments made, which means the payments to the annuitant can fluctuate with the market.
For many individuals, choosing a fixed annuity provides greater stability and long-term financial security compared to a variable annuity.
The Hartfield Insurance Group can help you decide on the right annuity for your long-term goals, so contact us today to get started.
The Need for an Annuity
While annuities may seem like an insurance product you may not need, they can help you plan for retirement and your future without some of the restrictions offered by other retirement plans.
Annuities, unlike an IRA or 401(k), do not limit the annuitant’s annual contributions, which means you can invest any amount you want while deferring taxes on those contributions. This means your contributions will continue to compound every year without taxes needing payment, providing you with more dollars to work for you.
Additionally, annuities offer a regular income source for your retirement years. When you’ve reached the age to cash out your annuity, you’ll be given options about taking your settlement in a lump-sum or through payments; this allows you to set up guaranteed payments if you choose, providing a long-term income.
Choosing to Start an Annuity With Us
Depending on your age, your financial situation, and your retirement goals, starting an annuity may be the perfect option for you. Our experienced insurance representatives want to help the Gainesville community, and anyone in Florida, get prepared for their golden years.
It’s important to remember that annuities can have penalties for early withdrawal, but we can help you assess your financial stability. The Hartfield Insurance Group wants to help you succeed with insurance and financial planning goals.
If you’re looking to purchase your first annuity, need to set up an annuity to complement an existing IRA or 401(k), or have questions about other insurance products, we can help. In addition to annuities, we offer health insurance, life insurance, and other personal insurance products. Our agency is available to meet with you, assess your situation, and provide you with the best choices for your needs.