If you are looking for a stable monthly income in your future years, you might consider starting an annuity. While there are several types of annuities, the most basic is an investment product from an insurance company that assures a stipulated, periodic payment based on an initial investment.
In some cases, you can begin payments very soon after your initial investment. In others, such as in deferred annuities, you must wait for some time—typically years—before you can begin receiving money.
You usually can add to an annuity, even rolling over other retirement account funds in a tax-free transfer. Some annuities allow you to make a small upfront investment and follow with monthly payments that enhance the value of your account. Those often can be made by direct deposit or payroll withholdings. Most annuities earn interest or other income, and some are tied to the stock market, so if you don't mind investment risk, you have expanded options.
For more information or answers to your insurance questions, contact us at Allan Block Insurance Agency, https://www.allanblockinsurance.com, located in Tarrytown, NY in the heart of Westchester County, a key business district near New York City. We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. The Professional Agency with the Personal Touch.