Tuesday, 12 July 2016

John Kim of Syncis - Annuities 101

John Kim is the Co-Chairman of Syncis, and through his organization, he has helped thousands to better understand financial basics like 401k plans, taxes and annuities. Though most know something about 401k plans and taxes, those who have not begun managing their finances often view annuities as a mystery whose knowledge is reserved for savvy professionals. This couldn’t be further from the truth.

The points below can help you gain a basic understanding of annuities:

Overview – An annuity refers to a tax-deferred vehicle that is sold by insurance companies. It grows over time, and when you retire, you trigger the annuity, receiving income from it.

Fixed Annuities – A fixed annuity means that you contribute an amount to an insurance company and the company then has say over how it is invested. When you trigger the income, you receive a fixed dollar amount dictated by your initial payout option upon creation. You have many payout options, and your agent will be able to explain them to you in detail.

Variable Annuities – Variable annuities allow you to contribute an amount to an insurance company and choose how it will be invested from available options.

Equity-Indexed Annuities – Equity-indexed annuities are a type of fixed annuity. These annuities will track the performance of investments and provide interest crediting.

The information above isn’t all you need to know, but learning more is easy. Either do some digging online or simply reach out to one of John Kim Syncis many Syncis associates to have the concept explained during a pressure-free consultation.