CLARION, Pa. (EYT) — Annuities are one of Burns & Burns offerings that goes unnoticed. Joseph Dantico IV explains some of the basics of annuities so that you can make informed decisions for your retirement income.
There are many different types of annuities that can be mixed and matched.
Types include fixed or variable, accumulation or pay-out, fixed period, fixed amount or lifetime, qualified or nonqualified, and single premium or flexible premium.
Annuities are tax-deferred. This means that the investment earnings of the annuity are not taxable until the investor actually withdraws the money.
The most common decision to make when it comes to annuities is choosing fixed or variable.
A fixed annuity guarantees the principal and at least the minimum interest rate. Meaning the account can only grow.
A variable annuity is riskier in that the money is invested in a fund and the money that is paid out is determined by the performance of that investment.
Burns is a fourth-generation independent insurance agency with nine branches across Northwestern Pennsylvania. These branches include Clarion, Bradford, Clearfield, Erie, Meadville, Mercer, New Wilmington, Tionesta, and Warren. The full-service, Trusted Choice agency celebrated their 80th anniversary in business in 2019. Representing over 60 insurance carriers, Burns & Burns is licensed to offer many lines of coverage, including auto, home, life, business, health, Medicare, workers’ compensation, benefits, events, weddings, AND MORE! With over 900 combined years of experience, Burns & Burns is sure to find you the right fit for your insurance needs! Visit their Facebook page or website for more information or a free quote!
