Retirement. Indexed annuities with lifetime income in New York, New Jersey and Miami

It is a contract with an insurer: you pay a premium, your money grows linked to an index with a 0% floor, and with a lifetime income rider it can become guaranteed income for life. National Life Group's Driver series starts at $25,000.

It is for people who want a retirement paycheck that will not run out. It has surrender charges during the first 7 to 10 years, and withdrawals before age 59½ may carry a 10% tax penalty. Guarantees depend on the financial strength of the insurer.

Pros: growth linked to an index with a 0% floor, an immediate bonus with Growth Driver, guaranteed lifetime income with the Income Driver rider, and the Income Doubler in case of incapacity.

Cons: surrender charges in the first 7 to 10 years plus bonus recapture; before age 59½ the IRS may apply 10%; and the benefit calculation base is not a withdrawable cash value.

With a fixed annuity, your money earns interest at a fixed rate declared by the insurer. With an indexed annuity, you receive a fixed rate or interest credited based on the growth of a market index, without participating directly in the market, with a 0% floor; caps and participation rates may change.

With a variable annuity, your money is invested in market-linked subaccounts: it can go up and down, and even lose principal; it is an investment product regulated as a security and is not part of the catalog we offer.

Yes, with a direct rollover: you ask your plan administrator to send the money directly to another plan or to an IRA, and no taxes are withheld.

If the money is paid to you, you have 60 days to deposit it into another plan or IRA, and a distribution from a retirement plan has a mandatory 20% withholding, even if you intend to roll it over. In general you pay no tax when you roll over; you pay it when you withdraw the money from the new plan. Buying an annuity inside an IRA or another tax-deferred plan does not give you additional tax benefits. Always review it with a qualified tax advisor.

Upon death, your beneficiary receives the full value, with no charges, no recapture and no probate.

If you can't perform 2 of 6 daily activities (bathing, dressing, transferring, toileting, continence, eating), your income doubles for up to 5 years.

Yes. Carolina Ahumada serves Latino and American families in Spanish and English and is a financial advisor licensed to offer insurance in New York, New Jersey and Florida. The first conversation is free and can be by phone, WhatsApp or video call.

Expertise Network supports families, professionals and business owners in the Latino community across the United States. Her National Producer Number (NPN) is 20269269, which you can use to verify her licenses. You can reach us at +1 (551) 314-5609.