Annuities - John A. Barton Insurance - Ann Arbor, Michigan - Michigan Center, Michigan | John A. Barton Insurance -Insurance Company - Ann Arbor, Michigan - Michigan Center, Michigan

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Annuity FAQ's

Welcome to the Annuity section of John A. Barton Insurance, where we help you navigate the path to a secure and comfortable retirement in Michigan. Annuities are a vital part of retirement planning, offering a reliable source of income that can complement your pension and social security benefits. Whether you're considering a fixed, variable, or indexed annuity, our expertise lies in helping you understand your options and choose a plan that aligns with your long-term financial goals. We believe in creating customized solutions that provide stability and peace of mind during your golden years. Let's work together to ensure that your retirement is not only well-planned but also filled with the security and comfort you deserve.

What are annuities, and how do they work?

  1. An annuity is a financial product that provides a steady income stream, typically used for retirement purposes. You pay a lump sum or make payments over time, which then gets paid back to you, often after retirement, either in a lump sum or through periodic payments.

What are the fees associated with annuities in Michigan?

Annuities can have various fees, including administrative fees, mortality and expense risk charges, and fees for additional features like riders.

What types of annuities are available in Michigan?

  1. In Michigan, common types of annuities include fixed annuities (offering a guaranteed payout), variable annuities (where payouts depend on the performance of investments), and indexed annuities (tied to a market index performance).

What happens to my annuity if I pass away?

  1. Depending on the type of annuity and its terms, any remaining value can be passed on to your beneficiaries.

Are annuities taxed in Michigan?

  1. The growth of annuities is tax-deferred. Taxes are paid when you withdraw money or receive payments, which are taxed as regular income.

Can I access my money in an annuity before retirement in Michigan?

  1. Early withdrawals (before age 59½) may be subject to penalties and income taxes. Some annuities allow limited access without penalties, but this varies by contract.

Can I lose money in a variable annuity?

  1. Yes, since variable annuities are linked to market performance, there is a risk of loss if the underlying investments perform poorly.

Are annuities protected against creditors in Michigan?

  1. In Michigan, annuities are generally protected from creditors to a certain extent, but laws and limits vary, so it's important to consult with a legal advisor.

How do I choose the right annuity for me in Michigan?

It depends on your financial goals, risk tolerance, and retirement plans. It’s advisable to consult with a financial advisor to determine the best type of annuity for your situation.

How do I purchase an annuity in Michigan?

Annuities can be purchased through insurance companies, financial advisors, or brokers. It’s important to research and compare different options and consult with a financial professional.


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