When Does an Immediate Annuity Begin Making Payments?

When Does an Immediate Annuity Begin Making Payments?

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Did you know you can earn an average of almost $6,000 per year with a $100,000 investment in an annuity?

If you’re worried that your social security or your pension won’t be enough, or, that it won’t even be around when you hit retirement age, you should consider annuities.

But, you may be wondering “When does an immediate annuity begin making payments?” You should keep reading this article you find out what’s what.

Why Should I Purchase an Immediate Annuity?

If you’re asking why you might need to purchase an immediate annuity, you’re not alone. But, never fear, we’re here to help you out.

The average social security payment is about $1,400 per month. For most people that’s not enough. If that’s the situation you find yourself in, you should buy an immediate annuity to provide you and your family more financial security.

Whether you choose Rightway Funding or not, an immediate annuity will get you paid quickly.

How Much Can I Expect?

You might be wondering how much in annuity payments you’ll get each month?

Let’s say you invest $100,000 in an immediate annuity, you can expect to receive about $494 per month if you’re a male and $469 per month if you’re female, for the rest of your life.

If you want to make a joint annuity or joint survivor plan, then you can expect to receive about $470 per month as long as one of the two of you are alive. These figures are for 65-year-olds. The numbers change depending on your age. 

Sell My Annuity

You may find that your annuity is no longer providing enough benefit for your situation. If that’s the case, you should consider selling it.

In this post-pandemic world, most people’s incomes have decreased while the cost of living keeps growing. Some other reasons to sell your annuity cold be: divorce or the passing of your spouse.

Inflation is shrinking the purchasing power your annuities have. You might have medical bills due to an injury or illness. You might want to grow your business with some extra capital, or you want to cover some retirement travel expenses.

Maybe you have a child that’s buying a home or getting married and you want to help out. You can use it to pay for college tuition for a child or certification classes for yourself. You can sell your annuity to pay off debt or renovate your home.

If you’ve recently lost your job due to the pandemic or otherwise, selling your annuity could be an option to get you through this tough time. Lastly, you could sell your annuities to invest in the stock market directly.

When Does an Immediate Annuity Begin Making Payments?

The answer to the question, “When does an immediate annuity begin making payment?” is right away. An immediate annuity can help you retire comfortably or you could sell it to increase the quality of your life.

Check out our finance section for more great money tips.

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