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A variable annuity is a contract between you and an insurance company. It allows you to grow your retirement savings and receive a steady stream of payments later. Like all annuities, you agree to ...
A variable annuity is a contract between you and an insurance company in which the insurer agrees to make periodic payments, beginning either immediately or at some future date. You can buy a ...
The tax treatment varies depending on whether you bought the annuity with pre-tax (qualified) or post-tax (non-qualified) funds. For qualified annuities, withdrawals are fully taxed as income.
Tax treatment. Part of the lump sum must be used to buy an annuity and part can be taken a tax-free lump sum. Contributions receive basic tax relief claimed at source (although this was only introduced in 2001). The income and gains in the plan are free from tax (with the exception of the non-reclaimable 10% tax credit).
The IRS defines strict requirements a plan must meet in order to receive favorable tax treatment, including: A plan must offer life annuities in the form of a Single Life Annuity (SLA) and a Qualified Joint & Survivor Annuity (QJSA). A plan must maintain sufficient funding levels. A plan must be administered according to the plan document.
The Variable Annuity Life Insurance Company. The Variable Annuity Life Insurance Company, or VALIC, a subsidiary of Corebridge Financial, Inc., (CRBG), is an insurance corporation that specializes in tax-qualified retirement plans, supplemental tax-deferred and after-tax investments. VALIC's headquarters are in Houston, Texas. VALIC ranks in ...
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