At Sprik Financial, we know that retirement planning is about more than building wealth—it’s about ensuring that your money lasts as long as you do. Annuities are a unique financial vehicle designed to help you accumulate retirement savings or turn a lump sum into a reliable income stream. Whether you’re in Sioux Falls or working with us virtually across the country, we’ll help you determine whether annuities are a good fit for your overall retirement strategy.
An annuity is a contract with an insurance company that can help you:
Accumulate retirement savings with tax deferral.
Guarantee a stream of income for a set number of years or for life.
Protect against outliving your assets in retirement.
Depending on your needs, annuities can be structured for growth, for income, or a combination of both. Our team will work with you to evaluate which type of annuity—if any—fits best with your goals, risk tolerance, and retirement timeline.
A fixed deferred annuity allows you to accumulate retirement savings with the security of a guaranteed minimum interest rate. For many people, this option provides stability and predictability.
Tax-deferred growth on your contributions.
Guaranteed interest rate floor, ensuring your policy’s rate never falls below a set amount.*
Flexibility to access funds, though withdrawals may be subject to taxes and penalties.
(A fixed deferred annuity is subject to a sales charge for early withdrawals, which may be subject to income tax. Withdrawals prior to age 59½ are subject to a 10% tax penalty.)
*Disclaimer: Guarantees are dependent upon the claims-paying ability of the issuing insurer.
For those who want consistent, predictable income in retirement, a lifetime income annuity can be a strong choice. Once purchased, the annuity begins paying income on a monthly, quarterly, semiannual, or annual basis. These payments continue for as long as you live—helping ensure that you never outlive your income.
Guaranteed lifetime income, regardless of market performance.
Peace of mind for retirees who want to cover fixed expenses.
Flexible payout options to match your retirement budget needs.
Disclaimer: All guarantees associated with annuity contracts are based on the claims-paying ability of the issuing insurance company. Withdrawals may be subject to regular income tax, and if made prior to age 59½, may be subject to a 10% IRS penalty. In addition, surrender charges may apply.
For individuals seeking both growth potential and income, variable deferred annuities offer the advantage of tax-deferred savings with investment flexibility. The policy’s value—and sometimes the benefit payments—fluctuate with the performance of underlying investment accounts.
Tax-deferred growth on investment earnings.
Access to multiple investment options within the annuity.
Potential for higher returns compared to fixed annuities, though with added risk.
Variable annuities involve fees, expenses, and investment risks. Assets allocated to variable accounts are subject to market fluctuations and may lose value.
Disclaimer: Offered through NYLIFE Securities LLC (member FINRA/SIPC), and a Licensed Insurance Agency.
Annuities can provide security and flexibility for many audiences:
Individuals & Families – Secure income streams to protect retirement lifestyles.
Business Owners & Executives – Balance retirement savings with income needs.
Farmers & Ranchers – Create predictable income even when agricultural revenues fluctuate.
Our team at Sprik Financial helps you weigh the benefits of annuities alongside your broader financial plan, ensuring that every recommendation supports your personal goals and long-term vision.
Annuities are one of many tools available to help create financial stability in retirement. At Sprik Financial, we’ll guide you through your options, explain the benefits and limitations, and design a strategy that fits your unique needs.
Ready to explore whether an annuity is right for your retirement plan? Contact Sprik Financial today to start the conversation.