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Guaranteed The Highest Return on Investment
How Long Will It Take to Double My Money?

Before making any investment decision, one of the key elements you face is working out the real rate of return on your investment.

Compound interest is critical to investment growth. Whether your financial portfolio consists solely of a deposit account at your local bank or a series of highly leveraged investments, your rate of return is dramatically improved by the compounding factor.

With simple interest, interest is paid just on the principal. With compound interest, the return that you receive on your initial investment is automatically reinvested. In other words, you receive interest on the interest.

But just how quickly does your money grow? The easiest way to work that out is by using what’s known as the “Rule of 72.”1 Quite simply, the “Rule of 72” enables you to determine how long it will take for the money you’ve invested on a compound interest basis to double. You divide 72 by the interest rate to get the answer.

For example, if you invest $10,000 at 10 percent compound interest, then the “Rule of 72” states that in 7.2 years you will have $20,000. You divide 72 by 10 percent to get the time it takes for your money to double. The “Rule of 72” is a rule of thumb that gives approximate results. It is most accurate for hypothetical rates between 5 and 20 percent.

While compound interest is a great ally to an investor, inflation is one of the greatest enemies. The “Rule of 72” can also highlight the damage that inflation can do to your money.

Let’s say you decide not to invest your $10,000 but hide it under your mattress instead. Assuming an inflation rate of 4.5 percent, in 16 years your $10,000 will have lost half of its value.

The real rate of return is the key to how quickly the value of your investment will grow. If you are receiving 10 percent interest on an investment but inflation is running at 4 percent, then your real rate of return is 6 percent. In such a scenario, it will take your money 12 years to double in value.

The “Rule of 72” is a quick and easy way to determine the value of compound interest over time. By taking the real rate of return into consideration (nominal interest less inflation), you can see how soon a particular investment will double the value of your money.

The Rule of 72 is a mathematical concept, and the hypothetical return illustrated is not representative of a specific investment. Also note that the principal and yield of securities will fluctuate with changes in market conditions so that the shares, when sold, may be worth more or less than their original cost. The Rule of 72 does not include adjustments for income or taxation. It assumes that interest is compounded annually. Actual results will vary.

Bottom line

If you’re looking to double your money in any reasonable time frame, you’ll need to take some risk. You simply won’t be able to earn enough from safe bank products to reach that goal. Above all, it’s important to remember that you don’t have to make the riskiest trades – ones that look more like gambling than investing – to build your fortune. You do have high-return options that can limit (but not eliminate) your risk, such as a house, S&P 500 funds and 401(k) matching.

What Is An Immediate Annuity?

Consumers bought $16 billion of fixed-rate deferred annuities in the first quarter, up 45% from the previous quarter, and a 9% rise from the year-earlier period, according to Limra.

These annuities work like a certificate of deposit offered by a bank. Insurers guarantee a rate of return over a set period, maybe three or five years. At the end of the term, buyers can get their money back, roll it into another annuity or convert their money into an income stream.

Average buyers are in their early to mid-60s — near traditional retirement age and looking to protect their money as they shift out of work.

Each of these products hedge against downside risk to varying degrees. They are tied to a market index like the S&P 500; insurers cap earnings to the upside when the market does well but put a floor on losses if it tanks.

A Single Premium Immediate Annuity (sometimes referred to as an "SPIA") may be the right annuity for you if you are looking for payments that begin right away and continue for the rest of your life or for a specified period of time. The annuity is purchased from an insurance company with a single, lump sum amount called a premium.

When Are Annuities a Good Investment?

Annuities are a good investment for people wanting a reliable income stream during retirement. Annuities are insurance products, not an equity investment with high growth. This makes annuities a good balance to a financial portfolio for someone near or in retirement.

A Guaranteed Income For Life

An annuity may be a good option if you are close to retirement and are looking for a way to guarantee income during retirement. Annuities can provide a stream of income that lasts for the rest of your life, no matter how long you live.

As a result, this can be an excellent way to hedge against the risk of outliving your other retirement savings

Annuities can be a good way to invest your money if you are buying them for reasons that fit with your money goals. You can buy annuities for reasons that include safety, long-term growth, or income. For instance, a fixed annuity might be a good low-risk option instead of a CD that offers low interest rates. You might get a variable annuity for long-term growth that is tax-deferred. You may opt for an annuity that will bring you income in the future.

In each of these cases, the insurer that issues the annuity will guarantee some portion of the outcome. In many cases, they will guarantee the amount of income you can take from the annuity in the future.

How does an immediate annuity work?

In return for your lump sum, the insurance company promises to make regular payments to you (or to a payee you specify) for the chosen length of time – most commonly for the remainder of your life, however long that may be.

In most instances, immediate annuity payments are sent to you starting one month after you buy your annuity. When choosing an immediate annuity, you can choose how frequently you receive payments – often referred to as the “mode".

While annuity buyers typically choose to receive payments monthly, you may choose quarterly or even yearly instead.

In today’s immediate annuity marketplace, there are a number of ways the annuity can be customized to suit your specific life situation and concerns. In exchange for the guarantee of payments, you give up the right to demand the return of your original premium.

Unlike some forms of life insurance or other types of annuities, you are generally unable to revise or cash in the immediate annuity once the 10-day "free look" period has passed.

  • You can fund your immediate annuity in a number of ways, including:
  • Cash from a maturing Certificate of Deposit (CD)
  • Exchanging monies accumulated in a Multi-Year Deferred Annuity account
  • Proceeds from the sale of stocks, bonds, a home or a business
  • A lump sum distribution from a tax-qualified defined benefit or 401k, or an IRA account.

Why should I consider buying an Immediate Annuity?

What are its advantages to me?

An immediate annuity comes with many important advantages. Here are just a few:

Security — The annuity provides stable lifetime income which can never be outlived or which may be guaranteed for a specified period. This advantage is crucially important to annuitants who may have previously feared outliving their savings.

Simplicity — An annuity is pretty much “get it and forget it.” Once it is set, the only work you are required to do is collect your regular payments. With an immediate annuity, you do not need to watch markets or track interest rates and dividends.

Higher Returns — The interest rates used by insurance companies to calculate immediate annuity income are generally higher than CD or Treasury rates. Since part of the principal is returned with each payment, greater amounts are received than would be provided by interest alone.

Preferred Tax Treatment — An immediate annuity may be a good strategy to defer taxes until later in your retirement when you may be taxed at a lower rate. This differs from other types of annuities for which the tax burden is “front loaded.”

Safety of Principal — Funds are guaranteed by assets of insurer and not subject to the fluctuations of financial markets.

No sales or administrative charges — Immediate annuities do not have annual account management or maintenance charges. 100% of your premium goes towards your monthly income.

How can you customize an immediate annuity?

You may hear a lifetime immediate annuity called by a number of different names, including

  • Single Life
  • Joint Life
  • Life and Period Certain
  • Refund" annuity.
Regardless of its name, by ensuring that you will never outlive your income, a life annuity is a powerful retirement planning tool. What’s more, a life only annuity generally offers the highest payout of any lifetime annuity, because it carries the smallest risk for the insurer.

When you shop for an immediate annuity, you will find that one of the key factors in pricing is your age and life expectancy. In a sense, purchasing an immediate annuity is like making a bet with an insurance company about how long you will live. Since the insurer will stop making payments when you die, it is betting that you won't live beyond your life expectancy.

On the other hand, if you live longer than predicted, your return may be far greater than estimated.

Immediate annuity coverage can be increased by including a second person ("Joint and Survivor" annuity), by adding a guaranteed period of time ("Period Certain" annuity), or by guaranteeing that payments will continue at least until the original purchase amount has been paid out ("Refund" annuity).

This added risk to the insurer is likely to reduce monthly payments by about 5% to 15%, depending on the age of the annuitants and the length of the guarantee period.

    You may want to consider an immediate annuity with special options if:

  • 1. You wish to guarantee lifetime income for both yourself and a spouse ("Joint and Survivor" annuity)
  • 2. You want payments to continue for a specified period (e.g. 5 or 10 years or more) to a designated beneficiary ("Certain and Continuous" annuity)
  • 3. You want to ensure that should you die before your initial principal has been distributed, an amount equal to the balance of the deposit continues to a named beneficiary ("Refund" annuity).

What about funding my annuity?

Can you explain the difference between qualified and non-qualified funds?

The way your annuity payments are taxed depends upon the source of the funds you use to purchase it.

Qualified Immediate Annuities

When applied to immediate annuities, the term qualified refers to the tax status of the source of funds used for purchasing the annuity. These are premium dollars which until now have "qualified" for IRS exemption from income taxes.

The whole payment received each month from a qualified annuity is taxable as income (since income taxes have not yet been paid on these funds). Qualified annuities may either come from corporate-sponsored retirement plans (such as

Defined Benefit or Defined Contribution Plans), Lump Sum distributions from such retirement plans, or from such individual retirement arrangements as IRAs, SEPs, and Section 403(b) tax-sheltered annuities, or Section 1035 annuity or life insurance exchanges.

Non-qualified Immediate Annuities

Non-qualified immediate annuities are purchased with monies which have not enjoyed any tax-sheltered status and for which taxes have already been paid. A part of each monthly payment is considered a return of previously taxed principal and therefore excluded from taxation.

The amount excluded from taxes is calculated by an Exclusion Ratio, which appears on most annuity quotation sheets. Non-qualified annuities may be purchased by employers for situations such as deferred compensation or supplemental income programs, or by individuals investing their after-tax savings accounts or money market accounts, CD's, proceeds from the sale of a house, business, mutual funds, other investments, or from an inheritance or proceeds from a life insurance settlement.

New options widen appeal of immediate annuities

A common objection to investing in an immediate annuity is the loss of liquidity. The idea of laying out a substantial amount of capital and not being able to access it again, spooks some annuity buyers.

Many insurance companies that issue immediate annuities have come up with a way to assuage this concern. These companies offer a one-time, limited withdrawal or cash advance option. So you can get at some of your principal beyond the scheduled payments to cover emergencies or other issues.

A rider providing a cost of living adjustment ('COLA') is also offered by some companies to take the sting out of rising inflation, a commonly mentioned concern. Annuity buyers can pick from a variety of COLA rates ranging from 1% to 6% per year. A few immediate annuity issuers even peg their payments to the Consumer Price Index ("CPI").

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