Americans are enjoying more years in retirement because they are living longer. However, the issue of
outliving their assets has become a concern for many. To offset this concern many individuals are looking
to annuities to supplement Social Security, employer pensions, IRAs, 401(k)s and other assets during
retirement.
An annuity is a contract between you and an insurance company where you make a lump-sum or a
series of premium payments. The insurer then agrees to make periodic payments beginning immediately
or at some future date, generally during retirement.
Annuities offer tax-deferred growth of earnings and may include a death benefit that will pay your
beneficiary a guaranteed minimum amount. There are no contribution limits or income restrictions
associated with an annuity.
A variety of annuities are available that offer immediate or deferred payouts. You can also choose
whether the returns are fixed or variable. It is important to note that they are meant to be a long-term
investment since tax penalties and surrender charges may apply if you withdraw your money before the
agreed upon term.
First PREMIER Bank has partnered with insurance companies to offer access to an assortment of annuity
products. Please contact one of our
annuity representatives for more details or assistance in determining
which product is right for you.
Non-Deposit Investment Products — Not Insured by FDIC
No Bank Guarantee — May Lose Value