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Alger County Michigan Medicare Planning for Seniors by City     Au Train               Chatham             Deerton               Eben Junction    Grand Marais     MunisingRumely                 Shingleton          Trenary                Wetmore

Baraga County Michigan Medicare Planning for Seniors by City     Baraga                  Covington           Lanse                    Skanee                 Watton

Chippewa County Michigan Medicare Planning for Seniors by City     Barbeau               Brimley                 Dafter                  DeTour Village                Drummond Island   Eckerman             Goetzville             Hulbert                Kincheloe               KinrossParadise               Pickford               Rudyard                Sault Sainte Marie           Trout Lake

Delta County Michigan Medicare Planning for Seniors by City     Bark River            Cornell                  Escanaba             Garden                 Gladstone           Nahma              Rapid River           Rock                    Wells                   Perkins

Dickinson County Michigan Medicare Planning for Seniors by City     Channing             Felch                   Foster City           Iron Mountain               KingsfordLoretto               Norway                Quinnesec            Ralph                          Sagola              Vulcan

Gogebic County Michigan Medicare Planning for Seniors by City     Bessemer              Ironwood           Marenisco           Ramsay                Wakefield           WatersmeetBruce Crossing       Trout Creek        Bergland            Ewen

Houghton County Michigan Medicare Planning for Seniors by City      Atlantic Mine      Calumet              Chassell                Copper City          Dodgeville           Dollar BayHancock            Houghton            Hubbell                Kearsarge            Lake Linden         NisulaPainesdale          Pelkie                  Sidnaw                South Range       Toivola

Iron County Medicare Planning for Seniors by City     Alpha                  Amasa                  Caspian            Crystal Falls            Gaastra               Iron River            Stambaugh

Keweenaw County Michigan Medicare Planning for Seniors by City     Ahmeek               Allouez                 Copper Harbor          Mohawk

Luce County Medicare Planning for Seniors by City     Newberry           McMillan             Helmer

Marquette County Michigan Medicare Planning for Seniors by City     Marquette          Ishpeming           Negaunee           Gwinn                  Harvey              Big Bay              Champion           Little Lake           Republic             Michigamee           Rock                 Scandia

Mackinac County Michigan Medicare Planning for Seniors by City     Cedarville            Curtis                  Engadine                          Gould City           Hessel        Mackinac Island Moran                Naubinway           Pointe Aux Pins                 Saint Ignace

Menominee County Michigan Medicare Planning for Seniors by City     Carney                 Daggett             Harris                Hermansville             Ingalls                 Menominee     Nadeau                Perronville          Powers              Spalding                  Stephenson         Wallace                                                Wilson

Schoolcraft County Michigan Medicare Planning for Seniors by City     Cooks                  Germfask             Gulliver              Manistique             Seney

 

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What is an Annuity?
Indexed Annuity Basics
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In its most general sense, an annuity is an agreement for one person or organization to pay another a stream or series of payments. Usually the term “annuity” relates to a contract between you and a life insurance company, but a charity or a trust can take the place of the insurance company.

There are many categories of annuities. They can be classified by:

  • Nature of the underlying investment – fixed or variable

  • Primary purpose – accumulation or pay-out (deferred or immediate)

  • Nature of pay-out commitment – fixed period, fixed amount, or lifetime

  • Tax status – qualified or non-qualified

  • Premium payment arrangement – single premium or flexible premium

An annuity can be classified in several of these categories at once. For example, you might buy a non-qualified single premium deferred variable annuity.

In general, annuities have the following attractive features:

  • Tax deferral on investment earnings
    Many investments are taxed year by year, but the investment earnings—capital gains and investment income—in annuities aren’t taxable until you withdraw money. This tax deferral is also true of 401(k)s and IRAs; however, unlike these products, there are no limits on the amount you can put into an annuity. Moreover, the minimum withdrawal requirements for annuities are much more liberal than they are for 401(k)s and IRAs.

  • Protection from creditors
    If you own an immediate annuity (that is, you are receiving money from an insurance company), generally the most that creditors can access is the payments as they’re made, since the money you gave the insurance company now belongs to the company. Some state statutes and court decisions also protect some or all of the payments from those annuities. And your money in tax-favored retirement plans, such as IRAs and 401(k)s, are generally protected, whether invested in an annuity or not.

  • An array of investment options, including “floors”
    Many annuity companies offer a variety of investment options. You can invest in a fixed annuity which would credit a specified interest rate, similar to a bank Certificate of Deposit (CD). If you buy a variable annuity, your money can be invested in stock or bond (or other) mutual funds. In recent years, annuity companies have created various types of “floors” that limit the extent of investment decline from an increasing reference point. For example, the annuity may offer a feature that guarantees your investment will never fall below its value on its most recent policy anniversary.

  • Tax-free transfers among investment options
    In contrast to mutual funds and other investments made with “after-tax money,” with annuities there are no tax consequences if you change how your funds are invested. This can be particularly valuable if you are using a strategy called “rebalancing,” which is recommended by many financial advisors. Under rebalancing, you shift your investments periodically to return them to the proportions that you determine represent the risk/return combination most appropriate for your situation.

  • Lifetime income
    A lifetime immediate annuity converts an investment into a stream of payments that last as long as you do. In concept, the payments come from three “pockets”: Your investment, investment earnings and money from a pool of people in your group who do not live as long as actuarial tables forecast. It’s the pooling that’s unique to annuities, and it’s what enables annuity companies to be able to guarantee you a lifetime income.

  • Benefits to your heirs
    There is a common misconception about annuities that goes like this: if you start an immediate lifetime annuity and die soon after that, the insurance company keeps all of your investment in the annuity. That can happen, but it doesn’t have to. To prevent it, buy a “guaranteed period” with the immediate annuity. A guaranteed period commits the insurance company to continue payments after you die to one or more beneficiaries you designate; the payments continue to the end of the stated guaranteed period—usually 10 or 20 years (measured from when you started receiving the annuity payments). Moreover, annuity benefits that pass to beneficiaries don’t go through probate and aren’t governed by your will.    
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