Tampa Bay area residents who are interested in long-term, tax deferred retirement savings are wise to investigate the advantages of a deferred annuity. Bryn Advisory Group, a Tampa, Florida insurance agency, offers deferred annuity products from several different insurance companies, giving you the flexibility of choosing an annuity that best fits your retirement savings goals.

A deferred annuity is an insurance contract that you pay money into for a specified amount of time, with the expectation that your invested money will grow. You do not receive income payments from the annuity right away because your payments are “deferred,” or saved, until a future date.

There are several advantages to purchasing a deferred annuity. Unlike an individual retirement account (IRA) or 401(k), there is no limit to how much you can contribute to your deferred annuity savings. Plus, with a deferred annuity, you heirs can receive a death benefit equaling the amount you invested plus the interest you earned (minus the amount you withdrew).

One of the main benefits of a deferred annuity is that your retirement nest egg can grow tax-deferred. You pay no income tax on the money in your deferred annuity until you begin receiving payments from it.

In general, you do have access to your money in a deferred annuity, often without any penalties. When you convert your deferred annuity into income, the annuity can provide you with a guaranteed stream of income payments for the rest of your life.

We encourage you to call or e-mail Bryn Advisory Group to learn more about the benefits of a deferred annuity, or fill out an online form provided on this website. You can meet with us at our Tampa, Florida headquarters, or we’d be glad to meet with you at your home or another convenient location.