Charles H. Lyon

74 Homecrest Ct., Oceanside, NY 11572 ~ 516-287-4739

Business Hours

Our office is open
Mon.-Fri. from 10 am to 4 pm

Annuities

sailboatKnights of Columbus Retirement products are a stable and dependable means of providing financial security and retirement savings.  Most importantly, they offer a unique way of providing income you cannot outlive.

The Benefits Of Tax-Deferred Annuities (U.S. Only)

Annuities aren’t only for those who have large sums of money to invest.  The fact is, annuities provide benefits for all individuals who want to make a long-term investment.

With an annuity, you invest a sum, and, after a specified time, the annuity pays you back the principal and interest earned as a regular income.  You can specify your investment and payment schedule, and earnings are not taxable until payments begin.

  • Single Premium Annuity – You make a single, lump sum payment that accrues interest until you begin withdrawals.
  • Flexible Premium Annuity – Premium payments can be made on a regular basis, or as frequently or infrequently as desired.  You can also choose your payment schedule as well.
  • Single Premium Immediate Annuity – Purchased with a single payment, it begins to pay out immediately

Whichever annuity you choose, your principal is safe, and a minimum rate of return is guaranteed.

Understanding Individual Retirement Annuities

Retirement annuities are personal retirement savings plans that have tax benefits, and long-term growth potential.  They are one of the best retirement savings vehicles available.  You and your spouse, if eligible, can each invest the amount you want, when you want, currently up to $5,000 annually.  And those age 50 or older may be eligible to make “catch-up” contributions of an additional $1,000.

  • Traditional Individual Retirement Annuity -  A tax-deferred retirement annuity permits individuals within prescribed income limits to set aside up to $5,000 per year, with earnings tax-deferred until withdrawals begin at age 59-1/2 or later (U.S. only).
  • Roth Individual Retirement Annuity – Allows taxpayers, subject to certain income limits, to save for retirement while allowing the savings to grow tax-free.  Taxes are paid on contributions, but withdrawals, including earned interest, subject to certain rules, are income tax free (U.S. only).