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for details on funding and payout options, taxes, withdrawals, and more.
Church Life deferred annuities can help you save for retirement and defer taxes while your savings accumulate. When you are ready, you can receive a steady income stream for life or choose other payment options.
For federal tax purposes, annuities are classified as qualified or non-qualified.
Fixed annuities pay a stated interest rate and guarantee the return of your principal with interest. You have no investment decisions to make. Current interest rates are 4.00% on Church Life's fixed deferred annuities, with a guaranteed minimum interest rate of 3.00%.
Tax-qualified annuities: IRAs
A qualified annuity is part of an employer-provided retirement plan or an individual retirement account such as an IRA. While individual contributions are limited,* you may deduct them from taxable income.
Why choose a qualified annuity?
To benefit from tax-deferred growth while saving on current taxes as you build retirement savings.
*For a Traditional or Roth IRA, $5,000 in 2008 or 100% of your compensation, whichever is less
Non-qualified annuities
A non-qualified annuity is not part of tax-qualified retirement program. Contributions are made with after-tax dollars and are not deductible from gross income for income tax purposes.
Why choose a non-qualified annuity?
To take advantage of tax deferred earnings on after-tax savings, to help your money grow faster.
Consult your tax or other financial advisor about which type of annuity best fits your situation.