{"id":10903,"date":"2021-09-10T08:37:21","date_gmt":"2021-09-10T12:37:21","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=10903"},"modified":"2021-09-13T01:32:58","modified_gmt":"2021-09-13T05:32:58","slug":"what-is-a-variable-annuity","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/investing\/what-is-a-variable-annuity\/","title":{"rendered":"What is a Variable Annuity and What Should You Know About it?"},"content":{"rendered":"\n<p>A variable annuity offers high growth potential for people with a high-risk appetite and want a steady income as soon as they begin their life post-retirement. Variable annuities are a type of investment contract between the investor and the insurance company or the annuity company, wherein the investor gets periodic payments after a set duration of time, as specified by the agreement. When you invest in a <a href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/5-reasons-why-you-should-be-wary-of-variable-annuities\/\">variable annuity<\/a>, you must know that your investment is tied with the growth potential the market has to offer.<\/p>\n\n\n\n<p>A variable annuity is similar to other investments. You\nchoose where you want to invest your money based on what mode gives you the\nhighest return. The annuity company then begins managing your money, and you\ncan get your corpus along with returns in the long run. The returns solely\ndepend on how well your chosen investments perform over the time span you have\nopted for. If the performance of your portfolio has been satisfactory, you will\nget your invested sum back along with the additional profit you would have\nearned from the investment. However, if your investments did not do too well,\nthere is a chance that the value of your initial investment may decline. There\nis a huge potential for high returns with variable annuity, however, the risk\nis also substantial.<\/p>\n\n\n\n<p>The key thing to remember here is that a variable\nannuity does not function as \u201cone size fits all\u201d. Every variable annuity is\nunique and crafted to cater to an individual investor\u2019s needs. You can choose\nand customize your annuity based on your needs keeping the risk factor in mind.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d3fb1cc6055\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d3fb1cc6055\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/what-is-a-variable-annuity\/#Introduction_to_variable_annuities\" title=\"Introduction to variable annuities\">Introduction to variable annuities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/what-is-a-variable-annuity\/#How_does_a_variable_annuity_work\" title=\"How does a variable annuity work?\">How does a variable annuity work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/what-is-a-variable-annuity\/#Why_should_you_get_a_variable_annuity\" title=\"Why should you get a variable annuity?\">Why should you get a variable annuity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/what-is-a-variable-annuity\/#Things_to_look_out_for_when_investing_in_a_variable_annuity\" title=\"Things to look out for when investing in a variable annuity\">Things to look out for when investing in a variable annuity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/what-is-a-variable-annuity\/#Bottom_line\" title=\"Bottom line\">Bottom line<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_to_variable_annuities\"><\/span><strong>Introduction to variable annuities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A variable annuity is a unique investment option where\nyou get a regular income throughout your life or for a specified duration of\ntime. You begin by signing up with an annuity company that invests your money\nin the market. Your money could be invested entirely in stocks or entirely in\nbonds. The annuity company you choose may also carefully allocate 50% of your\nmoney to stocks and 50% of it to bonds to minimize the risk factor. This way,\neven if the price of the stock the company invested in goes down, you can rest\nassured that all of your money won\u2019t lose its worth.<\/p>\n\n\n\n<p>On the bright side, you can choose an <a href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/investment-portfolio-fun\/\">investment portfolio<\/a> that best caters to your needs and is in tandem with your risk appetite and objectives in life. Investors must be careful at this juncture that the amount of returns you get on your investment may increase or decrease depending on the performance of your portfolio. It is important to note that there is a chance of you losing the money you invested. You have a range of investment options to choose from to maximize the amount of your returns. Your money may also be invested in mutual funds which further invests the money in stocks, bonds, etc.<\/p>\n\n\n\n<p>For example, let&#8217;s assume that your portfolio is heavy\nin mutual funds that invest primarily in stocks. <\/p>\n\n\n\n<p>Due to whatever reason, if the stock market becomes\nbearish and the stock prices across the board start to tumble, most of the\nstocks in the portfolio will tumble too, bringing you loss. As a result, the\nmutual fund return will also fall. In such a situation, not only will you not\nget any returns on your investment, but your initial investment may also\nreduce. Two factors determine the true value of a variable annuity: the amount\nof your investment in the annuity and the returns you get on your investment in\nthe long run. The best part about a variable annuity is the fact that your\ninvestments can grow on a tax-deferred basis. You will only have to pay taxes\nwhen you take the money out later in life. <\/p>\n\n\n\n<p>Another advantage to putting your money in a variable\nannuity is the insurance benefit that it gives to the investors. If the\ninvestor passes away before the annuity company can begin paying out the\nreturns to the investor, the beneficiary may get a payout. The amount depends\non the contract you sign with the annuity company. In other words, not only do\nyou get retirement benefits with a variable annuity, but you also gain an\ninsurance feature on the annuity. God forbid, should you have an untimely\ndeath, your beneficiary may get some financial padding to make life a little\nbit easier for them. <\/p>\n\n\n\n<p>A variable annuity is also a blessing in disguise for\nindividuals with a high taxable income. When you put your money in a variable\nannuity, your money grows tax-deferred. In other words, you will owe no federal\ntaxes on the income and returns accrued on the variable annuity over time. You\nwill only be required to pay taxes when you withdraw the amount. The same\ntaxation will be levied if a death benefit is paid by the annuity company to\nyour beneficiary. The tax-deferred benefits are only applicable to investors\nwith a variable annuity if the investment is held for a long period. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_a_variable_annuity_work\"><\/span><strong>How does a variable annuity work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>First, you need to identify an insurer that offers a\nvariable annuity. Once you have found a variable annuity company, you will have\nto choose your investment portfolio under the guidance of a professional\ninsurer. You will be asked to choose accounts and subaccounts, and choose how\nyou want the money in your portfolio to be allocated.<\/p>\n\n\n\n<p>You then start by making payments in line with your\nportfolio requirements. When it comes to payments, you have the option of\npaying a lump-sum amount to the company or making small payments over a set\nperiod.<\/p>\n\n\n\n<p>Variable annuities function in two phases: the\naccumulation phase and the payout phase.<\/p>\n\n\n\n<p>In the accumulation phase, you will make the payments to\nthe company as per your contract. The accumulation phase allows you to transfer\nyour investment from one option to the other without having to pay any kind of\ntaxes on it. If at any point, you feel like withdrawing your investment before\nmaturity, you may be allowed to do so, but at the cost of \u2018surrender charges\u2019.\nIt is prudent to mention here that some variable annuities come with a \u2018free\nlook\u2019 period &#8211; a trial period of 10 days. There is no charge if you choose to\nexit within 10 days.<\/p>\n\n\n\n<p>The accumulation phase will be followed by the payout\nphase where you start receiving the returns after a specific duration. You may\nchoose to receive your returns in one go as a lump-sum amount or you can get it\nas a stream of payments over a set duration of time. It is up to you to decide\nthe duration you want to get the benefits for &#8211; from 5 years to your entire\nlifetime.<\/p>\n\n\n\n<p>Remember, you can take out money from the variable\nannuity without a penalty only after 59.5 years of age. Should you choose to\nwithdraw money from a variable annuity before 59.5 years of age, you will be\ncharged a 10% penalty on the withdrawal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_should_you_get_a_variable_annuity\"><\/span><strong>Why should you get a variable annuity? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A major reason why getting the variable annuity is a\ngood idea is the fact that the rate of returns in a variable annuity could be\nhigher than other quintessential investment options there are in the market,\nespecially as retirement products. You can protect yourself from inflation with\nthe high returns that a variable annuity offers you. <\/p>\n\n\n\n<p>The money you put in a variable annuity is tax-deferred\nand you will not have to pay any taxes on the money you invest. Like other\ntraditional retirement and 401(k) accounts, you will only have to pay taxes on\nthe gains you get when you withdraw the money. <\/p>\n\n\n\n<p>Variable annuities are often recommended as the best\nretirement plans for individuals with high net worth and people who pay higher\nincome tax. Unlike 401(K) retirement accounts and Roth IRA accounts, there is\nno capping on putting money in a variable annuity. You can put as much money as\nyou can spare in your variable annuity each year. If you have crossed the\nthreshold of putting money in your 401(K) account or your Roth IRA account,\nputting money in a variable annuity is a wise choice since it allows you to be\nbetter prepared for your retirement. Who knows, you may even retire early based\non how positively your investments perform. <\/p>\n\n\n\n<p>Putting money in a variable annuity is beneficial\nbecause of its special feature to help protect your investment from losses.\nThere is a rider that you can purchase which guarantees that you will get at\nleast the entire amount of your investment back, even if your investment makes\nnegative gains. There is an added cost to get a rider, but it will protect your\nmoney from losses that may be accrued if the market does not perform as\nexpected. Variable annuities also allow for long-term capital growth via investment\nin sub-accounts.<\/p>\n\n\n\n<p>You can even organize a variable annuity for the future,\nan option that you can purchase at an extra cost. You get the advantage of\nlifetime income with variable annuities at a minimal charge which will ensure\nthat your stream of payments outlives you and can be passed to your spouse or\nbeneficiaries. <\/p>\n\n\n\n<p>Variable annuities not only give a steady income in your\nretirement, but they also act as insurance. Your beneficiary can get a death\nbenefit and get at least the amount you invested in a variable annuity upon\nyour death.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Things_to_look_out_for_when_investing_in_a_variable_annuity\"><\/span><strong>Things to look out for when investing in a variable annuity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Read the contract drafted by the annuity company to the\ndot before signing it. Understand all the benefits you are being given, all the\ncharges that are being levied, and clear any doubts with your agent. It is\nbetter to be wary about what you are buying than complain about it later. You\nwill have to pay about 1.25% per year as a mortality and expense risk charge.\nYou will additionally have to pay a small percentage towards administrative\nexpenses each year. Each rider to protect your investment can cost anywhere\nfrom 0.25% to 1% per year. If your money is invested in mutual funds, you will\nalso have to pay an annual fee for the mutual fund company.<\/p>\n\n\n\n<p>Remember, variable annuities are customizable; make sure\nyou convey your needs to your agent before a contract is drafted. Carefully\nscrutinize and understand the risk factor in the investment you are about to\nmake. No question is too silly when you\u2019re investing thousands of dollars into\na plan to secure your retirement.<\/p>\n\n\n\n<p>If you wish to withdraw your investment, you will have\nto pay surrender charges to the annuity company. Surrender charges are a hefty\npenalty for withdrawing your investment before the set duration of time. The\nsurrender period is typically 6-8 years after you sign the contract. So if you\nmake a withdrawal in these 6-8 years, you will be levied a penalty for doing\nso. <\/p>\n\n\n\n<p>The surrender charges sometimes drop over the years. For\nexample, if there is a 10% surrender charge of your variable annuity, and you\nwant to withdraw it in the first year itself, you will have to pay 10% of the\nmoney as a fine. If you withdraw it the year after that, the penalty could be\nlowered to 9%. Make sure to speak to your agent about the surrender charges in\nyour contract.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bottom_line\"><\/span><strong>Bottom line<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Variable annuities are mutual fund-type investment\ncontracts wherein the investor pays a specified amount to the annuity company\nfor a specified period to get returns later in life. A variable annuity is\nbased on the performance of the investment products chosen by the investor.\nVariable annuities, unlike other annuities, offer a higher rate of return but\nhave a greater risk factor. Investors can make the best of the benefits of the\nraging market by choosing a portfolio that best serves their interests.<\/p>\n\n\n\n<p>Variable annuities must be considered as long-term\ninvestments that best serve the investor in retirement. They are not your ideal\noption if you have short-term financial goals to fulfill. Be wary that there\nare several additional fees that you will have to pay each year for your\ninvestment and you will be fined heavily for early withdrawals. However, if you\nhave invested in variable annuities and think it&#8217;s not the best decision for\nyou, you can withdraw your money within 10 days of signing the contract per the\n\u2018free look\u2019 notion.<\/p>\n\n\n\n<p>Seek out a professional financial advisor to figure out\nwhich investments suit your risk profile, and ask the advisor if a variable\nannuity is right for you.<\/p>\n\n\n\n<p><em><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\">Use Paladin Registry\u2019s free search tool to match with qualified financial fiduciaries who may be able to create a financial plan for all your needs. Answer a few questions on our platform and get matched to 1-3 advisors who are most suited to help you meet your financial goals.<\/a><\/em><\/p>\n\n\n\n<p> To learn more about the author William Hayslett view his <a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/william-hayslett\/\">short bio<\/a>.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A variable annuity offers high growth potential for people with a high-risk appetite and want a steady income as soon as they begin their life post-retirement. Variable annuities are a type of investment contract between the investor and the insurance company or the annuity company, wherein the investor gets periodic payments after a set duration of time, as specified by the agreement. When you invest in a variable annuity, you<\/p>\n","protected":false},"author":122,"featured_media":10911,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[395],"tags":[],"class_list":["post-10903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a Variable Annuity and What Should You Know About it?<\/title>\n<meta name=\"description\" content=\"Variable annuities are mutual fund-type investment contracts wherein the investor pays a specified amount to the annuity company for a specified period to get returns later in life.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Team which encompasses brands like WiserAdvisor.com, Retirementplanning.net, Financialadvisor.net, etc. He comes from a diverse background in financial services and consumer relations within the Industry. William holds a Bachelor of Arts in Economics from Allegheny College, with specialized coursework in finance and marketing. 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