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Variable Annuity

Variable Annuity

A variable annuity is an investment for a longer time. The longer an individual will let his or money build, the more he or she is likely to gain from that. But, unlike fixed annuities where the money remains in the account from which he or she is paid a definite income all through a certain period, variable annuities give them more control over their investment as well a burden of risks.

The money an individual investment into a variable annuity may go into his or her own account which is separated from investment portfolio of his or her agent or insurance company. So the investment options should be made by him or her.

He or she may wish to invest in bonds, equity funds or bonds, or play the money-market. The annuity returns always depend on his or her account's performance more willingly than simply rising and falling with fortunes of the company which holds the annuity.

A variable annuity may provide you with a wide array of investment options for the annuitant's retirement savings as well as giving professionally controlled fund options.

Annual Expenses

Your agent or insurance company may ensure your primary investment, without withdrawing money for any of the below-mentioned yearly expenses:

  • Annual annuity charge - This charge depends on the entire value of a variable annuity along with the cost to an agent or insurance company of administering that and giving you a choice of a lifetime's worth of annuity earnings. When the annuity agent provides death advantages, yearly annuity charges will increase. This is normally calculated by adding mortality and expense risk (M&E) to the administration charges.
  • Underlying fund fees - The agent holding variable annuity generally charges yearly fees to manage the investments.
  • Maintenance fee - This is just an annual fee to maintain your contract. It usually pays for the communication services and contract administrations.
  • Surrender charges - If an annuitant withdraw the funds within initial 3 to 10 years of the day he or she took out their variable annuity, he or she has to give surrender charges on the basis of a scale of declining charges ranging from 7% to 0%.

How to Fund a Variable Annuity

If you already have increased your retirement choices as far as your IRA or individual retirement account or employer-funded program are considered and after you pay your taxes, if your find yourself with some money in your hand that you like to be invested towards the retirement, in that case a variable annuity is the best option for you.

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