Laying a foundation for income in retirement
While Social Security and pensions might provide some of your income, it may not be enough to give you the retirement you want and deserve. That's where annuities may be able to help.
Based on your personal needs and goals, a fixed annuity may be a wise part of your overall retirement strategy. Thrivent can help you create a strategy that's right for you.
See how an annuity could fit into your retirement strategy
Connect with the Thrivent Financial Guidance Team today.
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How can an annuity help plan for retirement?
Annuities are insurance products designed to help you save for retirement and provide you with income while you're living in retirement.
Fixed Indexed annuities can provide:
- Growth potential that's tax deferred.
- Protection from market downturns, which helps keep up with inflation and rising medical costs.
- Flexible income options and joint-life payout for you and your spouse in retirement.
- A death benefit for your beneficiaries or causes you care about.
You pay into the annuity either in a lump sum or over time for the guarantee of receiving payments in the future. These payments can last for a certain amount of time or for the rest of your life.
There are different types of annuities, including those that have fixed interest rates. Annuities are intended to be long-term investments and offer the potential to grow tax-deferred until you start taking withdrawals.
Are you headed toward a secure retirement?
Use our free retirement planning calculator to see if your savings are on track.
Annuities are intended to be long term, particularly for retirement. Product availability and features may vary by state.
Withdrawals and surrenders will decrease the value of your annuity and, subsequently, the income you receive. Any withdrawals in excess of 10% may be subject to a surrender charge. The taxable portion of each annuity distribution is subject to income taxation. If a taxpayer is younger than 59½ at the time of distribution, a 10% federal tax penalty will apply to the taxable portion of the distribution unless a penalty-tax exception applies.
Guarantees are backed by the financial strength and claims-paying ability of Thrivent Financial.