According to the U.S. Census Bureau, 2021 Survey of Income and Program Participation only 56.1% of Generation X (ages 40-55) had a retirement account.
49.5% of Millennials (ages 24-39)
7.7% of Generation Z (ages15-23)
What is an Annuity?
An annuity is an income stream – a regular periodic payment for life or another defined period. It converts an accumulated sum of money into a series of payments over number of years or a lifetime.
- Each payment consists partly of principal which the annuity owner contributed in the form of premiums, and partly of interest earned on the yet-to-be distributed principal.
- An annuity’s principal function is to liquidate an estate by periodic payment of money out of a contract to the owner.
- The accumulation period is that time during which funds are being paid into the annuity, in the form of premiums by the contract holder, and interest is earned on those premiums. The payout or annuity period refers to the point at which the annuity ceases to be as accumulation vehicle and begins to generate benefit payments on a regular basis. Typically payments begin at age 65. However, variations can be made to the start date.
- Beneficiaries can be designated to receive payments during certain payment options selections.
PRCUA offers various annuity products from Non-Qualified, Traditional IRA, Roth IRA, SEP IRA, Simple IRA, and TSA.
Reach out today to see what PRCUA can offer you by talking to one of our sales representatives at (800) 772-8632 or (773) 782-2755.
