What are the benefits of purchasing a variable annuity?

Purchasing a variable annuity offers several benefits. Firstly, it provides tax-deferred growth, allowing your investment earnings to compound over time without immediate taxation. This can be advantageous for individuals in higher tax brackets. Secondly, variable annuities offer a range of investment options to suit your risk tolerance and financial goals. By allocating funds to various sub-accounts, you can potentially earn higher returns compared to traditional fixed annuities. Additionally, variable annuities provide a death benefit, ensuring your beneficiaries receive a specified minimum amount upon your passing. This can secure your loved ones' financial future. Moreover, variable annuities offer optional features like guaranteed lifetime income, protecting against market fluctuations and providing a reliable income stream throughout retirement. It’s important to consult with a financial advisor to determine if a variable annuity aligns with your investment objectives and risk appetite.