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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
January/February 2023
What You Should Know About Annuities
Retirees who are concerned that their savings and investments won’t be enough to sustain them throughout retirement may want to consider purchasing an annuity. Annuities can provide a stream of income for as long as you live or for a specified number of years. When it comes to the timing of purchasing an annuity, you essentially have two options: immediate or deferred.
1. Immediate Annuity
This is the simplest type of annuity. You make a single lump sum payment to an insurance company. In return, you receive a fixed stream of income for your lifetime or a fixed period. Payments start soon after you purchase the annuity, usually within a year.2. Deferred Annuity
You make premium payments over time, then take income sometime in the future, allowing your money to potentially grow.More Choices
Annuities differ further, depending on the type of annuity and the options offered. Variations exist within each of these two categories, but below are the broad definitions.Fixed Annuities
Fixed annuities offer a guaranteed rate of return on contributions and guaranteed income later. A fixed annuity may be appropriate for someone interested in low risk. However, their lack of inflation protection may be a disadvantage.Variable Annuities
A variable annuity is an investment account that grows tax deferred and offers a range of investment options (called subaccounts). The value of the account depends on the performance of the type of investments you choose. As with any investment, variable annuities involve risk and are not appropriate for short-term goals.Indexed Annuity
An indexed annuity typically promises to provide returns linked to the performance of a market index. Indexed annuities are complex products, and you can lose money if the market index declines.It’s important that you consult your financial professional because of the multitude of conditions, requirements, fees, and suitability.
*Annuity products are not FDIC-insured, and their guarantees are backed solely by the claims-paying ability of their issuing life insurance company. Distributions from annuities are taxed as ordinary income and, if taken prior to reaching age 59 1/2, may be subject to an additional 10% IRS tax penalty.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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