Retirement

Annuities

Annuities can be used for a variety of purposes and they can fit well into almost any retirement plan. No matter what’s currently in your plan or portfolio, chances are that an annuity can help you achieve your financial goals.

WHAT IS AN ANNUITY?

 

Annuities: You’ve heard of them, but what exactly are they? An annuity is an investment tool that could provide you with secure retirement savings. You can start receiving money from your annuity immediately or you can sock it away on a tax-deferred basis for decades before you start getting the benefits.

There are several different types of annuities. Immediate annuities are a popular choice for soon-to-be retirees, while deferred annuities are more popular with those who want to let their investment grow over time. A fixed-rate annuity offers guaranteed interest rates, tax deferrals and the option to have a guaranteed stream of income for life.1

 

Here are some more basics about annuities:

 

BENEFITS OF AN ERIE FAMILY LIFE ANNUITY

 

Erie Family Life2 offers you options and benefits such as:

The annuity portfolio plans from Erie Family Life include:

With Erie Family Life, you can tailor a plan to meet your needs taking into consideration your circumstances, how much time until you retire and the amount you want to save. You can set your retirement income to be distributed for a specific number of years, over your lifetime or receive interest-only payments. Your ERIE agent can help you determine the best option for you and review the current interest rates. Meanwhile, this chart may help as a guideline.

 

THE BENEFITS OF ANNUITIES AT EACH STAGE OF LIFE

 


Life Stage

Growth Phase

You’re working and saving.

Safeguarding Phase

The time period from about five years pre-retirement to when you first start to draw money from your plan.

Spending Phase

You’re retired and using your savings for income.

Benefits

  • Flexible contribution amounts
  • Ability to rollover or transfer IRAs
  • Guaranteed growth without risk of loss
  • Guaranteed interest rates
  • Large IRA Rollovers / Transfers
  • Ability to select plan that matches your retirement timing
  • First-year bonus rates available
  • Guaranteed income for life
  • Interest-only payment option
  • Payments for a set number of years

Suggested Annuity Plan

 
Flexible Premium Deferred Annuity (FPDA)

Single Premium Deferred Annuity (SPDA)

Single Premium Immediate Annuity (SPIA)

                       

For more information on retirement planning options from Erie Family Life or to schedule an appointment, contact your local ERIE agent today.  You may find it helpful to have a conversation with an agent about how annuities can help you live the life that you want in retirement.1



1This web page is not intended as estate planning or tax advice. Please consult a qualified professional advisor.

2ERIE® life insurance products and services are provided by Erie Family Life Insurance Company, a member of Erie Insurance Group, and are not available in New York. See individual policies for specific coverage details. Certain terms and limitations may apply. Refer to our disclaimer for additional information.