Retirement Planning
Planning with purpose. Step into your next chapter with confidence and faith.
A life well lived starts here
At GiveLife, we believe life is a sacred gift—and so is the opportunity to care for those the Lord has placed in our lives. Whether you’re planning for today or preparing for tomorrow, we offer faith-centered life solutions to help you steward God’s blessings with wisdom and purpose. Download our Retirement Guide to learn more.
What type of annuity is right for you?
There are several types of annuities, and many provide tax-deferred growth. How do you want your money to be invested? When do you need to start receiving income? Different annuities are designed to meet different needs.
Others products you may be interested in
Life Insurance Solutions
Life insurance is one way you can be a faithful steward of the resources the Lord has entrusted to you, offering peace of mind today and a lasting blessing for tomorrow.
Long-Term Care Planning
Our faith-based approach helps you prepare now—protecting your finances and preserving dignity in a time of need.
End-of-Life Planning
End-of-life planning reflects your testimony of faith and love. We walk with you through every detail—so your family experiences peace, not pressure
Why consider an annuity
For most people, annuities are an additional way to plan for retirement, along with an IRA, 401(k), or pension. They can help simplify the task of turning a large retirement savings nest egg into regular income. And, by providing a lifetime guaranteed income stream, they can help ensure you don't outlive your money.
How an annuity works
An annuity is a contract with an insurance company that can guarantee income for a set period of time (e.g., 10 years) or indefinitely (i.e., the rest of your life). Immediate annuity contracts begin paying within a year of purchase; deferred annuities let you build savings while you’re working and convert it to a stream of income later on.
Where it fits in your plan
Who is an annuity for?
Whether you’re about to retire or still years away, you should consider getting an annuity if you want a steady, guaranteed monthly income to live on in retirement. An annuity contract is one of the only investments available that can guarantee you'll have income for life.
Even if you’re maxing out your 401(k) or IRA, you can save even more — with the potential for tax-deferred growth — by purchasing a non-qualified annuity with no contribution limits.
If you’re 5-10 years from retirement and want guaranteed income after a certain age, you can get an annuity that will continue to grow tax-deferred until you need it.
If retirement has already started — or will this year — you can use a portion of your nest egg to purchase immediate guaranteed income for life or a set period of time.
Annuities can provide three significant benefits for your retirement
Fixed income annuities turn your contributions into a steady stream of guaranteed retirement income — for your lifetime or a specific number of years.
Fixed deferred annuities provide a guaranteed rate of return, while variable annuities provide potential growth based on increases in the stock market.
If you’re ready to retire, immediate annuities can start providing income soon after your premium payment; deferred annuities give you time to save more — and get more income down the road.
The Basics
What are the main types of annuities GiveLife offers?
Our retirement strategies are built to reflect your values, while helping you live with peace today and provision tomorrow.
For most people, annuities are an additional way to plan for retirement, along with a traditional or Roth IRA, 401(k), or other retirement investments. They can help simplify the task of turning a large nest egg into regular retirement income. And, by providing a lifetime guaranteed income stream, they can help make sure you don’t outlive your money. And you can use IRAs and annuities with other financial products, like whole life insurance, to help fund your retirement and build financial security for your family. A GiveLife Life Solutions Advisor can help you explore all these options.
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Guaranteed income, so you can focus on what really matters.
GifeLife offers a variety of annuities, and each can be tailored to your specific needs: immediate annuities that start distributing income after you provide a single, lump-sum payment; fixed annuities that give you a guaranteed rate of return as you contribute premiums, then guaranteed income payments when you retire; fixed index annuities that provide a minimum guaranteed interest rate combined with potential growth tied to a specific market index.
5 reasons why people get annuities for retirement
Guaranteed income
An annuity provides a guaranteed stream of income, for a set period (such as 10 years), or for the rest of your life. That can be especially valuable if you’re concerned about running out of money in retirement.
Tax advantages
Depending on the type of annuity you choose, your investment earnings may grow tax-deferred, meaning you don't have to pay taxes on them until you begin taking withdrawals.
A level of protection agains market volatility
Many annuities offer a guaranteed rate of return, so you don't have to worry about losing money if the stock market or other investments perform poorly.
Estate planning
Depending on the terms of your annuity contract, you may be able to leave any remaining funds to your beneficiaries when you die.
Customization
Annuities come in many different forms, allowing you to choose one that best fits your financial goals and risk tolerance.
FAQ
Frequently asked questions about annuities
Life insurance can be an important step in protecting your family’s financial future and we’re here to help you make the decision that’s best for you and your loved ones. Let’s explore a few common questions so you can feel confident about choosing the option that works best for you.
Different insurance companies offer many kinds of annuity contracts with different features and investment options and refer to them in different ways. The five common types of annuities include:
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Immediate annuities: Also called immediate income annuities, these provide a guaranteed stream of income right away in return for a single lump-sum payment. The amount of income is calculated according to set annuity factors.
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Fixed annuities: This could refer to a deferred income annuity or a deferred fixed annuity that provides income at a future date in return for one large sum or periodic payments that grow over time based on a fixed interest rate.
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Variable annuities: These are annuities that grow over time based on market investments, which can fluctuate, and provide income at a future date. However, a variable annuity provides fewer guarantees than other annuity contracts and may decrease in value.
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Fixed index annuities: These are designed to provide market growth potential, like a variable annuity, and premium protection. A fixed index annuity gives you the potential for growth tied to a specific market index, such as the S&P 500, but is typically capped; in addition, a minimum guaranteed interest rate protects you from losses.
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Registered index-linked annuities (RILA): These annuities can help you reach your financial goals for retirement, as they offer growth potential for your retirement assets, while providing a level of protection during market downturns.
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Annuities can provide unique lifetime income benefits that protect against outliving one's money, but they aren't for everyone. They can be more complex and harder to understand than other investment products, such as mutual funds, and may have higher administrative fees and other limitations which don't match your investment objectives. Some annuities (specifically, variable annuities) can lose value. And while annuitization can make it easier to convert retirement assets into a lifetime stream of income, not everyone needs that. For example, if you have lifetime income from a pension or own real estate assets that generate reliable rental income, you may want to prioritize other types of investments or retirement savings.
Every person's situation is different, but there's a simple way to determine whether to consider an annuity. Add up any known regular expenses you will have during retirement, then subtract other forms of guaranteed retirement income, like a pension or Social Security. If there's a gap, then an annuity may be a good option. If you do choose to buy an annuity, you may want to limit it to a portion of your retirement savings: for example, 25%. Why? There are limits to how much money you can take out of an annuity (other than your regular annuity payments), so it's important to have access to other funds, such as savings or cash value from a life insurance policy that you can draw on for unexpected expenses.
Yes, depending on the annuity contract. Many annuities have options you may elect designed to provide lifetime income for two spouses, so annuity payments only stop when the last surviving spouse passes away. And since annuities share certain features with life insurance (that's why they are issued by a life insurance company), many contracts include a death benefit provision which allows the owner to pass assets to their children or other beneficiaries.
You don't have to choose - Annuities and IRAs can work together
What is an annuity?
You’re saving to build a nest egg for retirement. But once you stop working, how will you get a regular income to live on? Annuities are a retirement vehicle that can help provide a steady, guaranteed stream of income in retirement. And, you can contribute to an annuity as part of your retirement strategy alongside any contributions you make to a 401(k) or an IRA.