Consider fixed annuities that you can purchase entirely online, a new twist on an old concept that’s evolving to meet modern needs paid GainbridgeLife
With an annuity, your earnings grow tax-deferred—meaning you aren’t subject to income taxes until you withdraw the funds, further compounding your growth. At withdrawal, you’ll be taxed at the same rate as other ordinary income, unless you withdraw before you reach age 59½, in which case the IRS may charge an additional 10% federal tax on your earnings.
“There’s a perception that annuities often come with a complexity element, with confusing and expensive riders and features that eat into the returns,” Barragan says. “Our goal was to offer a simplified product that people could understand, with full transparency regarding fees.” Online annuity agencies like Gainbridge offer simple digital experiences where customers can easily review products and purchase in minutes, avoiding stacks of paperwork and a potentially long sales cycle.
Customers also get flexibility at the end of the contract term . They can withdraw their full account value as a lump sum, annuitize their contract by converting the full account value into a series of guaranteed monthly payments over a period of up to 10 years, renew for another contract term or transfer the sum into another annuity.
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