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In our review of Northwestern Mutual annuities, we go over what you need to know about fees, maximum issue ages, withdrawal charges, tax specifics and more.
- You Have Options Depending on Your Timeline.
- You Have Options Depending on Your Comfort with Risk.
- You Can Use Qualified and Non-Qualified Dollars.
- You Can Put Both Qualified and Non-Qualified Dollars Into An Annuity.
- Your Money Grows Tax-Deferred.
- You Can Get Guaranteed Income For Life.
If retirement is still years away, you could opt for an accumulation annuity, which allows you to save money tax-deferred, and can be used to provide income when retirement arrives. If you’re nearing retirement or just about to retire, you may want to consider an income annuity, which will start making income payments to you a few months or a few y...
Accumulation annuities can be either fixed or variable. The money inside a fixed annuity grows at a fixed interest rate. But if you’re good with taking on more risk, you could opt for a variable annuity, which invests your money in investment funds known as subaccounts. If the subaccounts perform well, your retirement savings will grow. But just li...
Qualified and non-qualified refer to the way money you earn in a given year is treated from a tax perspective. Qualified dollars “qualify” for special tax treatment, so those contributions are considered pre-tax (like the contributions you make into a 401(k)or an IRA). Non-qualified money refers to dollars you’ve already paid income tax on, so they...
If you’re using non-qualified dollars, there is no contribution limit. If you’re purchasing an annuity with qualified dollars, you’ll be subject to an IRS limit on your contributions.
It doesn’t matter if your contributions were qualified or non-qualified, your money will grow tax-deferred in an accumulation annuity. This means that your investment gains will compound more over time than if they were taxed along the way (assuming an identical earned interest rate).
When you live off your savings in retirement, you take the risk that you could live too long or lose money in the market and eventually run out of money. Income annuities help protect against that by providing guaranteed payments either for a set amount of time or for the rest of your life — no matter how long you live. Ready to take the next step?...
Aug 30, 2024 · A quality annuity company should offer the following: Competitive returns and income. Each annuity company offers different investment rates, as well as performance and income guarantees.
Find out if an annuity is right for you. Annuities from Northwestern Mutual can help you accumulate retirement money on a tax-deferred basis.
- There are a few different types of annuities. Income annuities give you a guaranteed, steady stream of income in retirement that will last the rest...
- Annuities could be a great option for anyone who wants to plan ahead for the money they'll need in retirement. To find out how an annuity fits into...
- Annuity income refers to the payments you get from your annuity in retirement. Depending on the kind of annuity you own, it can be taken annually,...
- An immediate income annuity's name somewhat defines it—it's intended for someone who is near retirement because payments begin within a year of pur...
- In addition to income annuities, there are also fixed and variable annuities. These can help you save for retirement and grow your money over time....
Dec 14, 2023 · A Northwestern Mutual financial advisor can help you decide if an annuity is right for you and make other recommendations to help you get the most out of your retirement savings while also planning for common risks.
Dec 8, 2014 · By The Northwestern Mutual Life Insurance Company (Northwestern Mutual) Should you consider an annuity for your retirement savings? Few financial products provoke the discussion that...
If you are concerned about outliving your income in retirement – or even having enough money to retire at all due to the volatile stock market – then the Northwestern Mutual Select Platinum fixed annuity could be a good option for you.
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