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Annuity and Retirement

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Annuities

Annuities are insurance company products. They are an investment vehicle used to provide an income stream at some future date. You may make a lump-sum contribution or periodic contributions over time to the annuity. You select the future date when the annuity's principal and interest are repaid to you. Annuities are popular investment vehicles for IRA's, allowing income to be paid in the future over several years, thus reducing the tax impact.

Individual Retirement Accounts (IRA's)

Individual Retirement Accounts (IRA's) are available to any employed or self-employed person who receives earned income or compensation. Contributions to an IRA may reduce your taxable income and earnings may accumulate tax-deferred. The principal and interest of your IRA are not taxable income until they are withdrawn, usually upon retirement or mandated by the IRS after age 70 1/2. Early withdrawals (prior to age 59 1/2) may incur a 10% penalty.

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Iris Fox Insurance

103 Carbon City Road

Morganton, NC 28655