In today's retirement world, your income plan is up to you. And that's why guarantees matter. At Common Sense Retirement Planning, we use annuities as one of several tools to help clients across Greenville, Spartanburg, Anderson and the Upstate create reliable, confident retirement income.
Because once the paycheck stops, the bills don't. And the market doesn't come with guarantees.
What Is an Annuity?
An annuity is a contract with an insurance company that can provide guaranteed* income during retirement. You invest a lump sum (or series of payments), and in return, the insurance company promises to pay you income - often for life.
Annuities can offer:
- Guaranteed income you can't outlive
- Tax-deferred growth during the accumulation phase
- Protection from market losses (with fixed or indexed annuities)
- Flexible payout options based on your unique needs
They're not for everyone. But when used properly, annuities can form a powerful foundation for your retirement strategy - helping cover essential expenses and give you more freedom with the rest of your assets.
The Role of Annuities in Your Retirement Roadmap
We believe every plan should include a written income strategy - and for many of our clients, that means using annuities to help protect against the biggest risk of all: running out of money.
Our annuity recommendations are never one-size-fits-all. We carefully consider:
- Your age and income goals
- Tax implications
- Whether you need income now or later
- How to protect your spouse or legacy
We also help you understand how withdrawals work, including:
- Free annual withdrawal allowances
- Surrender periods (usually 5-15 years)
- IRS early withdrawal penalties before age 59½
- Taxation rules on distributions
Our job is to help you make thoughtful, informed decisions - so you're never surprised.
Clarity, Not Confusion
Annuities get a bad rap because too many people don't understand how they work - or were sold one without a proper plan.
That's not how we do things.
We use annuities as one part of a five-pillar retirement strategy that includes income, investments, taxes, health care and legacy planning. If an annuity fits, we explain why. If it doesn't, we tell you that too.
Because we're not here to sell you products. We're here to help you retire feeling confident in your financial strategy.
Let's discuss how annuities may or may not fit your retirement income strategy.
Schedule a complimentary consultation today.
Frequently Asked Questions
Q: What are the benefits of using an annuity in retirement?
A: Annuities can provide guaranteed lifetime income, help protect against market losses and offer tax-deferred growth.
Q: Are annuities taxable?
A: Yes, annuity income is generally taxable when withdrawn. Taxes depend on the type of annuity and funding source.
Q: How do I know if an annuity is right for me?
A: Our team evaluates your full retirement picture and income needs to determine if an annuity is a good fit.
At Common Sense Retirement Planning, we offer you the following services:
Retirement Income Strategies
Wealth Accumulation Strategies
Asset Protection Strategies
Annuities
Life Insurance Strategies
Tax Efficient Strategies
Long-Term Care
IRA & 401(k) Rollovers
Ready to Take The Next Step?
For more information about any of our products and services, schedule a meeting today.