Steady income for a more secure retirement
With today's longer life spans, you may spend almost as much time in retirement as you'll spend working. Annuities can help close the gap between the money you save and what you'll need to meet your everyday living expenses. Whether you're already retired, or are still building your nest egg, annuities can help you accumulate savings and provide a guaranteed stream of retirement income1.
Ask a BMO Harris financial advisor about how annuities might fit within your retirement strategy. Through our relationships with various annuity providers, BMO Harris Financial Advisors offers both fixed and variable annuities. Compare annuities now
Explore the benefits of annuities
- Unlimited contributions. Typically, there are no IRS limits on the amount you can deposit each year2.
- Tax-deferred earnings. Generally, you pay no income tax on your earnings until you withdraw money or receive money in the form of annuity payouts3.
- Option of guaranteed lifetime income1. You decide how long you want to receive payments.
- Guaranteed death benefit1. Most annuities guarantee payment to your beneficiaries, which may avoid probate.
- No RMDs. Unlike a Traditional IRA, there are no required minimum distributions (RMDs) with an annuity4.
Investors should consider the contract and underlying portfolios' investment objectives, risks, charges and expenses carefully before investing. This and other important information are contained in the prospectuses and Statements of Additional Information, which you can obtain from your financial advisor. You should read the prospectuses carefully before investing.
|Fixed Annuities||Variable Annuities|
|Payout options||Flexible, including income for life||Flexible, including income for life|
|Protection for beneficiaries||Optional, including guaranteed death benefit or return of principal||Optional, including guaranteed death benefit|
- The sooner you begin to plan, the more time you'll have to build retirement wealth. Start envisioning your future now
- Getting close to retirement? Find out if you're still on track
2 Some contributions may be limited depending on the product purchased. For example, a single premium annuity does not allow for additional contributions.
3 IRS penalties may apply to withdrawals prior to age 59½. Early withdrawals may be subject to surrender charges and/or market value adjustments. State premium taxes may also apply.
4 If you hold the annuity in an IRA, minimum distributions may be required.
5 Systematic investment programs do not guarantee or protect against losses in declining markets.
6 IRS penalties may apply to withdrawals made prior to age 59½. 7 Market value adjustments may increase or decrease the value of the annuity.