Financial Answer Center
- Individual Retirement Annuities
- Do Your Homework First
- Getting Started
- Additional Features and Options
- Equity-Indexed Annuities
- A Note about Taxes
- Are Variable Annuities for You?
Variable annuities can also be purchased as part of a retirement plan. In this instance, an individual can contribute to an individual retirement annuity in his or her own name. Spousal individual retirement annuities can also be established. Note that generally, restrictions and limitations will be the same as those for Individual Retirement Accounts (IRAs). Both types of IRAs can be established, subject to the maximum IRS-allowed contribution and deductibility limitations. Minimum distribution requirements must also be met.
If you are considering a variable annuity for a qualified investment plan, please note that the tax deferral is unnecessary. However, annuities provide other features that may be available to you. Qualified annuities may be subject to plan restrictions. The investor should contact the plan administrator for details.
Securities and insurance products are offered through Osaic Institutions, INC., Member FINRA/SIPC. Osaic Institutions, INC. and FB Wealth Management, a division of First Bank, are not affiliated. We do not provide tax advice. Consult your tax advisor.