If you are shopping for or just curious about Annuities, Seaman’s Insurance Group is proud to offer the First Coast access to many of the US’s top Annuity companies. Seaman’s Insurance Group is St Augustine’s Premier Boutique Insurance Agency, proudly serving the First Coast, Jacksonville, Ponte Vedra Beach, St Augustine, Palm Coast & Beyond!
Are you worried about outliving your income? Purchasing an annuity can help you ensure that won’t happen. Annuities are meant for people to be able to set the stage to receive income in the future, subject to the terms, conditions and or limitations of an insurance contract.
An annuity is a long-term contract you purchase from an insurance company. It is designed to help accumulate assets to provide income for retirement. Annuities do have limitations. Like most retirement savings tools, if/when early withdrawals occur, penalties may apply. Earnings are taxable as ordinary income and may be subject to a 10% federal tax early withdrawal penalty if withdrawn prior to age 59½.
Some annuities give you access to growth in the market but alleviate you from the stress of worrying about losing it all should the market significantly decline. Others offer fixed rates of return that can be significantly higher than what you might find in a CD at a bank.
Types of Annuities that St Augustine’s Premier Boutique Independent Insurance Agency can help you with include:
- Immediate– An immediate annuity is usually purchased with a lump-sum and guaranteed income starts almost immediately. Your investment converts into a guaranteed stream of income that is irrevocable once payments begin. In some situations, funds can be accessed, but some restrictions apply.
- Fixed– With fixed annuities, the principal investment and earnings are both guaranteed and fixed payments are made for the term of the contract.
- Fixed Indexed– Returns on contributions based on a specified equity-based index, such as the S&P 500.A fixed indexed annuity offers returns based on the changes in a securities index, such as the S&P 500® Composite Stock Price Index. Indexed annuity contracts also offer a specified minimum which the contract value will not fall below, regardless of index performance. After a period of time, the insurance company will make payments to you under the terms of your contract.A fixed indexed annuity is not a stock market investment and does not directly participate in any stock or equity investment.
Contact us today to discuss you many options!