Annuities Offer Long-Term Income to Senior Citizens in Missouri

Senior Health Solutions offers a variety of annuity options for St. Louis seniors

An annuity is a valuable financial planning tool that can offer fixed income to you and your family. There are several types of annuities available to senior citizens that can offer income for extended periods of time, even for the rest of your life.

Annuities are split into two basic categories – immediate annuities and deferred annuities. Immediate annuities involve a lump sum premium that immediately begins being paid out in installments. These may offer beneficial tax terms as well.

Deferred annuities, by contrast, involve 2 phases – an accumulation phase, during which you pay premiums that accumulate interest, and the payout phase, during which periodic installments are paid to you based on the details of your plan.

Adding annuities to your financial portfolio may be the right decision for you

The professional financial planners at Senior Health Solutions, LLC have the knowledge and expertise you need to evaluate whether annuities are a good fit for you and your family. Our job is to educate you and find the best annuities for your needs. We have been helping seniors in St. Louis, St. Charles and throughout the tri-state area for more than a decade.

Secure low-risk income for your future with an annuity

 Annuities offer several benefits to senior citizens. First, unlike an IRA or 401k, there is no annual limit to the contributions you can make to an annuity. In addition, the money is tax-deferred, meaning it is not taxed until you receive payments. The payments are also generally guaranteed, meaning there is little risk of losing your annuity income. They also offer legal protections, such as possible exemption from creditors and unconditional exemption from probate proceedings.

What types of annuities may be available to you as a senior in Missouri?

Annuities come in many different forms beyond the basic distinctions of immediate and deferred. For example, there are many different ways you can elect to receive your payments. Among these options are:

  • Standard life

    Payouts are made for the rest of your life with no limit, even if it exceeds the value of the premiums, but end when the contract holder dies regardless of remaining value

  • Life payout with refund

    Similar to a standard life plan, but guarantees a refund to a beneficiary of your choice if any principal is left over after your death

  • Life payout with period certain

    Similar to a standard life payout but guarantees payments for a certain period of time even beyond death. For instance, if it guarantees 25 years and you pass away after 19 years of payment, your beneficiary will receive 6 more years of payment

  • Joint life

    Has two annuitants (or members on the plan) and continues to pay out as long as both of them are alive

  • Joint survivor life

    Similar to joint life but continues to pay as long as one of the two annuitants is alive

  • Period certain

    Pays for a fixed period of time regardless of survivorship

  • Fixed amount

    Payments are made until a fixed dollar value of the contract has been reached

Contact Senior Health Solutions!

 There may be other payment plans available to you as well. Our experienced and compassionate agents will work with you to determine which annuity options make sense for you and your family.