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Annuities in Tennessee

Plan for tomorrow with annuities

Are you thinking about your future and retirement planning? Annuities can offer a valuable solution to help make sure your money works for you when you need it most, whether you require funds immediately or at a later time. Let’s explore annuities and why they can be a wise choice for your retirement planning.

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What are annuities?

Why do people buy annuities?

Annuity options with Farm Bureau Insurance

Traditional IRA

Single Premium Deferred Annuity (SPDA)

Roth IRA

Single Premium Immediate Annuity (SPIA)

Flexible Premium Deferred Annuity (FPDA)

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When you're ready, protect what matters most

Common questions about annuities

When you purchase an annuity, you make a lump sum contribution or a series of contributions to the insurance company. In return, the insurance company promises to provide you with a regular income, either immediately or at a future date. The income can be received monthly, quarterly, semi-annually, annually, or lump sum. The amount of income you receive depends on factors such as the type of annuity, the contribution amount, and the duration of the annuity.

One of the primary reasons individuals buy annuities is to secure a steady income stream during retirement. Annuities provide a reliable source of income that can supplement other retirement savings, such as pensions and Social Security benefits.

The main differences are when taxes are paid and when withdrawals are allowed. With Traditional IRAs, contributions are tax-deductible, and the growth is tax-deferred, but taxes will be paid upon withdrawal. Roth IRAs allow for tax-free withdrawals for qualified distributions; you have already paid taxes on the principal, so the withdrawals won’t be taxed again.

Depending on the type of annuity, contributions may be tax-deductible. In addition, the growth of your investment is tax-deferred. This means you won't pay taxes on the earnings until you start receiving distributions. Additionally, annuities can help you minimize estate taxes and provide a tax-efficient way to pass on your wealth to your beneficiaries.

Not sure which plan is right for you?

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Tennessee Farmers Insurance Companies

P.O. Box 307

Columbia, TN 38402-0307