Annuities allow you to save money on a tax deferred basis. As a result no taxes are due until you begin to withdraw money. There are several types of annuity contracts immediate, fixed and variable.

Also, there are several definitions you should be aware of. Nonqualified annuities are originated with funds that have already been taxed such as Savings, CD, Lump sum settlements.

The other is qualified annuity which is with monies the are tax deferred such as 401K savings, IRA, Deferred compensation and Pension money.

Please note that non-qualified and qualified accounts should be targeted for your retirement since both have penalty for early withdrawals before age (59 1/2) - 10% and also qualified annuities have a penalty of 50% if you don’t start withdrawals prior to age (70 1/2).

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