Which Annuity Allows Contributions to an IRA?

Shawn Plummer

CEO, The Annuity Expert

The annuity that allows contributions to an IRA is a qualified annuity. The money contributed will grow tax-deferred, and withdrawals will be taxed as ordinary income. There are no restrictions on how much can be contributed or how often these contributions can be made.

What is a qualified annuity?

A qualified annuity has been purchased to contribute to a tax-qualified plan. Pension and profit-sharing plans, simplified employee pensions (SEPs), SIMPLE IRAs, tax-sheltered annuities (TSAs), and IRAs are all examples of such plans.

Contributions to a qualified annuity are taken from your earnings and placed in the retirement plan to accumulate. They are not taxed until you take them out of the account in retirement. Contributions to a non-qualified program are made with money already taxed.

Which Annuities Can Fund An IRA?

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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