Top 5 Best MVA Annuities
Many of us know that life is unpredictable and we can never predict what will happen in future. We can’t predict when death will come or what will be the future of our family. But there is one thing which is predictable that is retirement.
Retirement is a period when you will be free from the stress and pressure of daily routine and you will have time to spend with your loved ones. If you are a person who loves traveling, then retirement will be a blessing for you as you will get an opportunity to visit places that you have never seen before.
Now, what if I tell you that you can start enjoying the benefits of retirement by planning your retirement savings? Yes, you heard it right. Retirement is the best time to start saving for your future and if you want to enjoy the benefits of retirement, then you must plan your retirement savings.
So, let’s discuss the 5 best MVA annuities for the people who are planning to retire in the near future.
1. Pension Plan
Pension plan is one of the best retirement savings option. This type of plan is also known as defined benefit plan. It is a long-term investment which provides fixed income to the employees.
In this plan, you will get the monthly income which will be a fixed amount. The maximum amount that you will get in this plan is around $30,000 per month. If you invest wisely, you can get much more than this amount.
2. Defined contribution plan
This is one of the most common retirement savings plans which is also known as 401k plan. In this plan, you have to save yourself and the employer will make contributions on your behalf.
The contribution is made as a lump sum or as a monthly amount. In this plan, there is no guarantee that you will get a fixed amount as you will not get any income from the plan. So, if you are a person who loves traveling then this plan is not for you.
3. Individual Retirement Account (IRA)
This is a tax-advantaged retirement savings account for the people who are working. This plan is also known as Roth IRA. This plan is also known as the traditional IRA. This plan is best for the people who have earned income and want to save their money in the future.
In this plan, you will not be required to pay any taxes on the money that you have invested in this plan. So, if you have earned income, then this plan is perfect for you. You can invest in this plan by making a contribution which is up to $5,500 per year.
4. Health Savings Account (HSA)
If you are a person who has health issues and you are worried about your health, then HSA is the best option for you. This plan is also known as Flexible Spending Account (FSA). This plan is best for the people who are self-employed and want to save money for their medical expenses.
In this plan, you can save money for any medical expenses that you have to spend. You will get a tax deduction on your medical expenses and the maximum amount that you can save in this plan is $3,500 per year.
5. Annuity
Annuity is another best retirement savings option for people who are looking to retire early. This plan is best for people who are getting old and don’t want to work anymore.
This plan provides you with a fixed income for a certain period of time which is based on the amount that you have invested. If you have a low salary and you want to save money, then annuity is the best option for you. You can invest in this plan by making a contribution which is up to $2,000 per year.
Conclusion:
These were the top 5 best MVA annuities. I hope these tips will help you to get the best of your retirement savings.
