How Do I Buy An Annuity?
To buy an annuity, you work with a licensed insurance agent like My Annuity Agents, who will help you compare products from as many different insurance companies as possible. My Annuity Agents has software to obtain quotes from all carriers to simplify this process for you while assuring you get the most for your money.
Then you decide how much money to contribute, either from your non-qualified accounts (like checking and savings), or from your qualified retirement accounts, (like your 401k or 403b). The next step is to complete the application. We will help you with the application and the transfer of funds so there is not taxable event. You will not pay taxes until the money is withdrawn, and you start taking payments. Once issued, the annuity contract outlines how your money will grow and when you’ll begin receiving your guaranteed income. If you are not taking income, the contract will outline the compounding interest rate. We are here to walk you through every step of the way.
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The annuity buying experience is usually directly related to your annuity agent’s experience. That’s why buying with My Annuity Agents is a good decision.
We have been through thousands of scenarios and we know how to make buying an annuity easy for you.
After you have decided what baseline income you need, or the amount of money you want to protect inside a fixed rate annuity, My Annuity Agents will complete the application for you and then send it to you for review and signatures.
Then the application is sent to the insurance company and your payment or rate is locked in usually for 45 days. This gives us time to work with you to get your annuity funded. If you are writing a check, your annuity may be issued in a matter of days.
If you are transferring money from a 401k or 403b, there are a few extra steps. We will help you complete the transfer paperwork and then your 401k or 403b company will send the funds directly to the insurance carrier to fund your annuity.
After your annuity is funded, the insurance carrier will send you a copy of your contract or provide you with an electronic copy.
As soon as you receive your contract, you have a window of time to review it to make sure you want to keep the contract.
This is called the ‘free-look’ period and the amount of time varies from state to state. If you have any questions about your contract, we recommend you schedule time with My Annuity Agents to go over it and make sure you understand what you purchased.
Because we focus on the guarantees, you can rest assured that you will get what you purchased for many years to come.
You Can Use Funds From a 401k, 403b, Roth or a savings account to purchase an annuity