Scherrer Financial Services offers fixed annuity contracts
of several types in the state of Illinois. Fixed annuities
are contracts with an insurance company that offer tax-deferred
interest for a commitment of premium over time. In
general, fixed annuities offer certain minimum guaranteed
interest rates, have limited withdrawal privileges, surrender
charges for early withdrawals, and opportunities to receive
payouts over a set period of time or life. Many fixed
annuities have provisions and riders that offer death benefits
and free withdrawals for certain situations like confinement
in a nursing home or terminal illness.
Immediate annuities require a payment of premium.
Then the annuity company makes regular payments back to
the client. Lifetime payments are guaranteed not to
run out during the client’s life, or specific payments
can be made for smaller periods of time chosen by the client.
Deferred annuities accumulate interest until a future time
when the money is withdrawn in a lump sum or in payouts
like immediate annuities.
Fixed annuities have a contract term and a guaranteed interest
rate. A type of fixed annuity is the fixed-index annuity.
These annuities earn interest based in part on the changes
of a market index. However, the premiums are not directly
invested in a market index.
Annuity guarantees are based on the financial strength and
claims paying ability of the issuing insurance company.
Withdrawals are subject to federal and state income taxes
and prior to age 59 1/2 a 10% federal tax penalty may apply.
Product availability and features may vary by state.
No single product is appropriate for all situations. It
is important to view and understand product information
before making a decision to purchase. Scherrer Financial
Services offers a wide variety of annuities with many different
lengths, crediting methods, and bonuses.
For more information about fixed annuities, follow
this link www.factsaboutannuities.com
Investment Advisory services are not performed by the following