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  • Home
  • Who We Are
    • Springfield Staff
      • Dave Milbrath, CFP®
      • John Mueller
      • Tim Kuisle
      • Jordan Milbrath
      • Molly Meendering
      • Jo Reiner
      • Diane Kretsch
      • Sara Bast
    • Spencer Staff
      • Cole Milbrath
      • Alex Johnson, CFP® AIF®
      • Leonard Langner
      • Rhonda Maassen
    • About Us
      • Our Firm
      • Office Locations
  • Products & Services
    • Financial Services
      • Comprehensive Financial Planning
      • Retirement Planning
      • Estate Planning
      • Business & Farm Succession Planning
      • Individual Retirement Accounts (IRAs)
      • Employer Sponsored Plans
      • Portfolio Management
      • Wealth Accumulation & Preservation
    • Investment Services
      • Mutual Funds
      • Variable Annuities
      • Fixed Annuities
      • Stocks
      • Bonds
    • Insurance Services
      • Life Insurance
      • Long-Term Care Insurance
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Variable Annuities

Variable Annuities

What is a Variable Annuity?

A variable annuity is a long-term contact between you as the investor and the insurance company which combines investment and protection into a single financial product to help meet your needs.  They are designed to help provide you with retirement income.

Purchases & Withdrawals

There are generally two types of variable annuities: qualified and non-qualified.  If a variable annuity is purchased through an IRA or other qualified plan it will not provide any additional tax advantages (other than the advantages which that plan already provides).  Non qualified annuities avoid income tax fees until distributions are made.

Withdrawals will first come from any contract gains and may reduce the death benefit, optional benefits or contact value.  Taxable distributions are subject to ordinary income tax and may be subject to a federal income tax penalty if made prior to 59 1/2 years of age.  Certain qualified plans may require distributions to begin by age 70 1/2.

Variable Annuities are long-term investments designed for retirement purposes and are sold by prospectus. Investors should consider the investment objectives, risks, charges, and expenses of the investment company carefully before investing. This, as well as other important information, is contained in the prospectus. Please read it carefully before investing or sending money. Annuities are not insured or guaranteed by the FDIC. Shares can fluctuate in value and, when redeemed, may be worth more or less than their original cost. Withdrawals from Variable Annuities made prior to age 59 1/2 may be subject to 10% IRS penalty charges and/or surrender charges. Early withdrawals have the effect of reducing the death benefit and cash surrender value. For more information, or to request a prospectus, contact your investment representative or the insurance company.

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  • (507) 723-4811

  • (800) 772-8809

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  • 101 N. Marshall Ave.
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    Springfield, MN 56087
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