When it comes to retirement planning, there are a lot of options to choose from. However, one option that is often overlooked is the annuity. Annuities can be a great way to save for retirement, and a few different types allow contributions to an IRA. In this guide, we will discuss the different annuity options that allow contributions to an IRA, and we will help you decide which one is right for you!
Which Annuity Allows Contributions To An IRA?
Flexible-premium qualified deferred annuities allow ongoing contributions to an IRA, and they have the same contribution limits as standard IRAs.
Which Annuities Do Not Allow Contributions To An IRA?
Single-premium qualified deferred annuities and single-premium immediate annuities do not allow ongoing contributions to an IRA because these annuities only allow a one-time deposit hence the term “single-premium.”
Whether you decide on a flexible-premium-qualified deferred annuity or a single-premium-qualified deferred annuity, it is essential to consult with an expert who can help you find the best annuity for your needs.
For example, if you are looking for a way to contribute to an IRA beyond the yearly limit, then a flexible-premium deferred annuity may be the right choice for you.
Contact us today for more information and a free quote. We would be happy to discuss your options and help you find the perfect annuity product for your retirement planning needs.
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