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Many factors determine the value you get from your fixed annuity. We have defined and described the most important factors for your convenience.

Fixed annuities are the insurance industry’s version of a savings account. It may give you a reasonable rate of interest that is independent on the economic condition and the state of the stock market. It also allows you to postpone your payment of incomes taxes for as long as you want, letting your annuity’s account value to grow faster.

In deciding on the amount of premium that you would have to pay for your fixed annuity, the issuing insurance company takes into consideration the condition of your health and your lifestyle. For example, you will get a high premium if you are a chain smoker. On the other hand, if you are a non-smoker, you will have to pay a lower premium

Here are some terms that insurance companies use to determine the amount of premium you have to pay for your annuity, the length of time you have to give your payments, and the length of time that the insurance company have to provide you with a stable income at regular intervals.

Annual contribution

The annual contribution is the amount you contribute to your annuity each year.

Current tax rate

The current tax rate is the current marginal tax rate you expect to pay on your taxable investments.

Expected average interest rate

The expected average interest rate is the interest rate you would expect to average after the initial interest rate is no longer guaranteed.

Initial interest rate

The initial interest rate is the initial interest rate guaranteed for your fixed annuity.

Minimum guaranteed interest rate

The minimum guaranteed interest rate is the interest rate that is guaranteed after the initial rate has ended.

Pay-out Period

The payout period, also called the annuitization phase, is the phase in which you as the annuity owner or annuitant, start to receive income from your annuity contract. You can choose to receive a steady income that you can rely on for as long as you life. You can also choose to receive income for a fixed number of years according to the payout term you have selected for your annuity contract.

Starting balance

Starting balance is the initial amount that you will contribute to your Fixed Annuity.

Retirement tax rate

The retirement tax rate is the marginal tax rate you expect to pay on your investments upon your retirement.

Surrender charges

Surrender charges are a percent of the annuity balance that you will be charged with if you withdraw your annuity balance before the maturity date specified in the annuity contract is reached. The actual surrender charges vary widely from annuity to annuity and from company to company.

Taxable account’s expected rate of return

The taxable account’s expected rate of return is the annual rate of return you would expect if you deposited this money into a taxable account.

Withdrawal age

Withdrawal age is your age in which you are planning to withdraw your annuity balance.

There are really a lot of things and factors to consider before you decide to buy an annuity. Among these, the first question that you have to answer is this: “Will I be able to use an annuity to my full advantage?” The answer, of course depends on your financial horizons, your lifestyle, your goals, and your investment expectations. Remember that before putting your hard-earned money into an investment, no matter what kind of investment it is, you have to compute the earnings you will gain. As indicated in the title of this article, it is necessary for you to compute and consider.

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