Variable Annuities - Saving for the Future

While an employer-sponsored 401(k) plan or an individual retirement account (IRA) may encourage people to save for retirement, there are limits to how much you can contribute yearly to those plans.  If you believe that won’t be enough for your retirement, consider another alternative – variable annuities.

Advantages to variable annuities include:

  • No contribution limits
  • An income stream now or in the future
  • Tax-deferred earnings for retirement
  • Guaranteed death benefit.

You choose where to invest your contributions, such as in stocks and bonds and these types of annuities allows for diversification within the different types of investments.  Although the risk factor is greater for variable annuities, the earning potential is greater than with fixed annuities.  Variable annuities could be a good source of retirement income because they have the ability to outpace inflation.

This is where professional expertise can be incredibly valuable.  A good financial advisor understands each individual’s unique situation and will really listen and help guide you through investing in variable annuities and provide sound advice based upon your concerns.

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XCEL FCU is a credit union serving members in New Jersey, New York and across the country.