FREE FINANCIAL CALCULATOR:
What are the Tax Advantages of an Annuity?
Annuities are a type of guarantee of income later. They are a contract between you and an insurer that can allow you to have a set and predictable income in retirement or currently. In addition, annuities come with tax advantages.
Deposits into an annuity are not tax-deductible, however, you don’t have to pay taxes on the interest earned until you begin making withdrawals. This tax-deferral period can have a dramatic effect on the growth of an investment. Use this calculator to compare the tax advantages of saving in an annuity versus an account where the interest is taxed each year such as a CD.
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