You have the flexibility to increase or decrease the frequency or amount of premium contributions to match your future needs or budget. With it, you'll almost immediately begin receiving a predictable, guaranteed monthly income. This is a good choice when you have received a distribution from a qualified retirement plan or maturing CD that you want to convert into income. This type of annuity is not tax-deferred. The Roth IRA provides distributions on a tax-exempt basis.
Traditional IRAs provide tax-deferred contributions.
A professional insurance agent or financial advisor can help you decide which type of IRA is best for your financial situation. There is no age limit. You don't necessarily have to. You can have both types of IRAs, as long as you don't exceed your annual contribution limits. What's more, a Roth IRA does not require you to begin distributions at a certain time.