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By Scott Strait on March 2, 2017

Variable annuities have two phases, the accumulation phase and the payout phase.
The accumulation phase, during which assets are built for retirement through the selection of annuity portfolios. Any growth in the annuity contract value due to market gains is tax-deferred until withdrawal. Once withdrawn, the gains are taxed as ordinary income.
The payout phase, during which the insured receives payments either via a lump sum, via periodic withdrawals, or through the process of annuitization, which converts the assets income an ongoing income stream. Under most contracts, this income stream can be set up for a defined period or to last the insured’s lifetime. Annuitization is irrevocable, and once payments begin the insured can no longer access the accumulated contract value.

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1Variable annuities available on the RetireOne platform do not assess surrender penalties. Because fixed indexed annuities on the platform charge no fees, contingent deferred sales charges (surrender penalties) may be assessed if the money is withdrawn from the policy during the surrender period.

Insurance policies are sold by Aria Retirement Solutions, Inc. doing business in California as Aria Insurance Solutions, Inc. (San Francisco, CA), a licensed insurance agency (CA License #0H44773). Aria distributes certain insurance and variable annuity contracts that are issued by insurance companies not affiliated with Aria. Insurance policies may not be available in all states. Information on this site may not yet be approved by the Departments of Insurance for use in all states.
Securities Offered through Portsmouth Financial Services, Member FINRA/SIPC, registered in all 50 states.

Check the background of Portsmouth Financial Services on FINRA’s BrokerCheck

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