American’s today live longer than ever and experts say that that trend will, thankfully, only continue. Planning for a long retirement, and having money, is more important than ever and annuities can and often should be a part of one’s long term, financial, retirement plan.

WHAT IS AN ANNUITY?

An annuity is long-term retirement investment product that can help protect you against the risk of outliving your assets. It is a contract between you and an insurance company: you receive future income in return for your contributions. Any earnings on contributions are tax-deferred until they are withdrawn, usually at retirement. the insurance company guarantees to pay a stream of income that begins immediately or at some time in the future, generally after the annuitant reaches age 59½, subject to the terms of the annuity contract. Many annuities offer tax-deferral advantages and beneficiary protection options. In addition, annuities can provide income for life, for a specific period of time, or a combination of both.

You may receive income in a number of ways, including payments that will last for as long as you live. Annuities can be a valuable addition to your retirement plan.

WHO NEEDS AN ANNUITY?

As life expectancy continues to increase for most Americans, it’s clear that many people will spend more of their time – and their savings – in retirement. An annuity can play an important role in your retirement income strategy by providing a guaranteed, predictable income stream you can’t outlive – and may offer tax-deferral advantages as well. However, annuities are not right for everyone. It’s important to discuss any annuity options you are considering, including associated fees or expenses, with your financial professional.

Annuities may help you:

  1. Receive retirement income payments for as long as you live
  2. Protect beneficiaries with a death benefit
  3. Diversify your investments
  4. Provide an opportunity for growth on a tax-deferred basis
  5. Avoid outliving your assets

WHAT ARE THE DIFFERENT TYPES OF ANNUITIES?

Fixed Annuity Basiscs:
The money in a fixed annuity is credited with a fixed rate of interest for a period of time specified in the contract and the tax-deferral advantage allows those assets to benefit from compounding over time. Here’s how fixed annuities generally work and a few points to consider:

  1. You give the insurance company money in one or more payments.
  2. The insurance company places the money in its general account and then invests it on behalf of all annuity owners.
  3. Later, the insurance company credits your annuity with interest under the terms of your contract, while offering protection from loss of principal.
  4. Any interest growth in your annuity will be tax-deferred, and after a period of time specified by your contract, you may then receive the amount allowed by your contract in a lump sum, over a set period of time, or as income for the rest of your life.
  5. Keep in mind that if you withdraw money earlier – or in a greater amount – than your contract allows, fees and penalties (such as surrender charges) may apply, including a 10% federal additional tax for withdrawals prior to age 59½.
  6. All distributions are also subject to ordinary income tax.

Variable Annuity Basics:

Variable annuities combine tax-deferral of any earnings with the ability to allocate purchase payments among a range of investment options, designed to meet individual financial goals and risk tolerance. Here’s how variable annuities generally work and a few points to consider:

  1. You give the insurance company money in one or more payments.
  2. The insurance company lets you choose from a variety of investment options. Some variable annuities let you choose from a number of variable investment options, while others offer a pre-determined mix of investments.
  3. Over time, your contract’s value may increase – or decrease – depending on the performance of the investments you choose. Variable annuities involve risk, and it is possible to lose money.
  4. Any growth in your annuity will be tax-deferred, and after a period of time specified by your contract you may then receive the amount allowed by your contract in a lump sum, over a set period of time, or as income for the rest of your life.
  5. Keep in mind that if you withdraw money earlier – or in a greater amount – than your contract allows, fees and penalties (such as surrender charges) may apply, including a 10% federal additional tax for withdrawals prior to age 59½. All distributions are also subject to ordinary income tax.

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TRUSTED INSURER CHOICES: SUPERIOR MARKET KNOWLEDGE, RELATIONSHIPS & INSURER ACCESS

As an independent agency, not some insurance company, we offer choices from all of the leading insurers and act as your advocate and navigator through the complex world of insurance.

Morris & Reynolds represents and has access to the entire market of leading insurers. Many of our relationships with major insurers span decades and often find us in a leadership position as an advisor or agent Board member. We also offer immediate access to America’s Health Insurance Exchange, along with the professional advice and guidance needed to navigate the many insurer options in addition to providing the day to day service you need in the years to come that we’ve been known for since 1950.

THE LOWEST PRICES AVAILABLE ANYWHERE

Insurance rates are filed with and regulated by the State Department of Insurance. Whether you buy from Morris & Reynolds, some on line or toll free business you’ll never see, or even directly from an insurance company, you’ll pay the same premium for the coverage you purchase. This means that you can enjoy the advantages and convenience of shopping and purchasing your insurance from Morris & Reynolds’ professional people, as well as have our live, local, service available whenever you need it and rest assured that you’re getting the best available price.

AGGRESSIVE, TRANSPARENT, NEGOTIATIONS & COSTS

Your coverage and budget goals are our sole focus. The coverage and costs that we quote, in fact all we do, is focused on you and your family. We are known as aggressive negotiators who have our clients’ best interest at heart. Always.

We also enjoy serving our clients in the most transparent manner possible and are happy to discuss and disclose our compensation and answer your questions about that important topic with you. Morris & Reynolds is a truly independent insurance agency and has been since 1950. Our focus is never on stockholders, stock prices or an insurance company preference, but our clients’ goals, dreams and desires. Always.

HANDS-ON DAY TO DAY CARE & ADVOCACY FOR YOU & YOUR FAMILY

Let’s face it, insurance can be time consuming and frustrating. Dealing with medical providers, claims paperwork and insurers is often an experience filled with ‘red tape’, delays and frustration. Whether you or your family members have a question about your coverage, a provider, a bill or a claim we are here to help every step of the way. Our Client Advocates are here at Morris & Reynolds everyday focused on assisting you and your family with provider and claim concerns as well as the never ending ‘red tape’ involved with America’s medical ‘system’.

PEACE OF MIND

Your satisfaction with the insurance that we provide to you and your family is very important to us. At Morris & Reynolds Insurance we take your peace of mind to heart in all we do from the coverage that we structure, the insurers we suggest and the day to day service and care we provide to you. When you need us most, we will always be there.

AWARD WINNING, EDUCATED, LIVE, LOCAL, PROFESSIONAL PEOPLE

At Morris & Reynolds Insurance our clients’ receive the best of both worlds. We are well known for our ‘old fashioned’, reliable and responsive service that dates to the founding of our agency in 1950.

Our Client Service Underwriters, Client Advocates and Professional Agents are deeply committed to their profession and career-long learning. Our award winning TEAM of professional people, the finest people in employee benefits and insurance, is unique to Morris & Reynolds Insurance. In order to offer our clients the very finest results possible we constantly seek improvement by way of training, performance measurement and process reviews.

Our corporate office is an approved and certified testing site for the prestigious Insurance Institute of America and their curriculum is part of our ongoing TEAM educational efforts. Morris & Reynolds Insurance is proud of the awards that TEAM members have received from a variety of industry associations and insurers, including the Florida Agent of the Year, The National Agent of the Year and The Customer Service Representative of the Year Honors to name a few.


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