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July 24, 2013

retirement-planThirty-eight percent of Americans lack confidence that they will have enough income and assets for a comfortable retirement.¹

Fortunately, there are a variety of tax-advantaged vehicles to help you save for retirement, but many of them — including IRAs and employer-sponsored plans such as 401(k) plans — have annual contribution limits that may be too low to meet the needs of some savers.

One way to contribute more toward your retirement savings is through an annuity, an insurance-based contract that can be used to provide future income. Annuities may be funded with a lump sum or a series of premium payments. Although an annuity is typically purchased with after-tax dollars, any annuity earnings would be tax deferred until withdrawn, subject to certain limitations.

Remember that early withdrawals prior to age 59½ may be subject to a 10% federal income tax penalty. Surrender charges may apply if the annuity is surrendered during the early years of the contract. Any annuity guarantees are contingent on the claims-paying ability of the issuing company.

Source: 1) Journal of Financial Planning, December 2012 and January 2013

Planning Ahead For Retirement

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