Annuities in West Virginia & Ohio
Sometimes the right annuity can be a valuable part of your retirement plan.
Annuities are insurance products designed to provide income, often during retirement. For some people in certain situations, they can offer benefits that other financial products don't. But they're not right for everyone. That's why we take time to understand your complete financial picture before discussing whether an annuity makes sense for you.
Working in Your Best Interest
West Virginia and Ohio require us to act in your best interest when discussing annuity products. This means we take time to understand your financial situation, goals, and needs before making any recommendations.
Every annuity conversation starts with getting to know you and what you're trying to accomplish. This personalized approach helps us determine if an annuity is right for you, and if so, which type and features would best serve your goals.
What is an Annuity?
An annuity is a contract between you and an insurance company. You make either a single payment or a series of payments, and in return, the insurance company provides you with income—either right away or starting at a future date you choose.
Many people use annuities as part of retirement planning because they can provide predictable income streams. Think of it as a way to create your own personal pension. Depending on the type of annuity and how it's structured, it can help address different financial goals and concerns.
How Annuities Can Help
For the right person in the right situation, annuities can offer valuable benefits. They may provide:
- •A reliable income stream you can't outlive
- •Tax-deferred growth on your money
- •Protection from market volatility, depending on the type
- •Potential for growth while maintaining some guarantees
- •A way to pass assets to beneficiaries
Different Types for Different Needs
Annuities come in various types—each designed to address different financial situations and goals. Some provide immediate income, while others let your money grow for years before you start receiving payments. Some offer guaranteed returns, while others provide growth potential tied to market performance with varying levels of protection. The right type depends entirely on your specific circumstances, timeline, and what you're trying to accomplish.
Is an Annuity Right for You?
This depends on your unique situation—your goals, your timeline, your other resources, and what you're trying to accomplish. That's why we start every annuity conversation by getting to know you and understanding what matters to you.
Let's Have a Conversation
When we meet, we'll discuss things like:
Where you are in life and what your goals are
When you're planning to retire (or if you're already retired)
What your other sources of income look like
How you feel about investment risk
Whether you might need access to this money
What you want to accomplish with your assets
Your overall financial picture and objectives
Any concerns you have about retirement income
After we understand your situation, we can have an honest conversation about whether an annuity would help you reach your goals—and if so, what type and features would make the most sense. Sometimes an annuity is a great fit. Sometimes it's not. Our job is to help you figure out which is true for you.
What You Should Understand About Annuities
Like any financial product, annuities have features and characteristics worth understanding before you make a decision. Here are some key things to know—not warnings, just facts to consider as part of your decision-making process.
Time Commitment
Annuities are designed for long-term goals, and many have surrender periods—typically ranging from a few years to a decade or more. During this period, taking out more than a certain percentage of your money may result in charges. These surrender schedules vary by product and decline over time. Understanding the time commitment helps ensure the product aligns with when you'll need access to your money.
Tax Treatment
Annuities offer tax-deferred growth, which means you don't pay taxes on gains until you withdraw the money. This can be a valuable benefit for retirement planning. Keep in mind that withdrawals before age 59½ may trigger a 10% tax penalty in addition to regular income taxes. Your tax advisor can help you understand how an annuity fits into your overall tax strategy.
Costs and Features
Different annuities have different costs—some have fees for optional features like guaranteed income riders or death benefits, while others have minimal or no annual fees. We'll walk through all costs clearly so you understand exactly what you're paying for and why. Many people find that the benefits and guarantees they receive are worth the costs involved.
How They Work
Every annuity works a little differently depending on its type and features. Some are straightforward, while others have more moving parts. We make sure you completely understand how your annuity will work before you purchase it. If something isn't clear, we'll explain it in a different way until it makes sense. You should never buy an annuity unless you're comfortable with how it functions.
Access to Your Money
Most annuities allow annual penalty-free withdrawals of a certain percentage (often 10%) even during the surrender period. However, annuities generally aren't meant for short-term savings or emergency funds. They work best as part of a broader financial plan where other assets cover your immediate and short-term needs.
We'll Explain Everything
These points aren't meant to discourage you—they're just things to understand. When we meet, we'll go over all the details of any annuity we discuss, answer every question you have, and make sure you're completely comfortable with your decision. The goal is for you to feel confident and informed, not confused or uncertain.
Our Consultation Process
If you're interested in learning whether an annuity might be appropriate for your situation, here's what to expect when you meet with us.
Comprehensive Financial Review
We'll discuss your complete financial situation, goals, and objectives. This includes reviewing your income, assets, liabilities, existing insurance coverage, risk tolerance, time horizon, and any other factors relevant to determining product suitability.
Suitability Determination
Based on the information gathered, we'll determine whether an annuity would be suitable for your specific circumstances. This determination is made in accordance with West Virginia and Ohio regulations requiring us to act in your best interest.
Product Education
If an annuity appears appropriate, we'll explain the specific features, benefits, limitations, fees, and risks of any products we discuss. You'll receive clear disclosures about how the product works and how we are compensated.
Full Documentation
All discussions and recommendations will be fully documented. You'll have time to review all materials, ask questions, and make an informed decision without pressure. No purchase should be made until you completely understand the product and are confident it meets your needs.
No Obligation to Purchase
Meeting with us to discuss annuities does not obligate you to purchase anything. Our goal is to help you make an informed decision about whether an annuity is appropriate for your situation. If it's not, we'll tell you that honestly.
Let's Explore Your Options Together
Whether you're curious about annuities or already have questions about a specific situation, we're here to help. No pressure, no obligation—just a straightforward conversation about what might work for you.
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We also serve other areas in West Virginia
Ryan Parrack Insurance
Serving Elkins, Buckhannon & Northern/Central WV
Elkins, WV