Budgeting and Financial Planning

What Is a Deferred Annuity?

Rodney Brooks
May 31, 2022

Annuities are an integral part of the retirement portfolios of investors who want a guaranteed stream of retirement income. A deferred annuity is a contract that provides the buyer with a steady stream of payments at a future date, compared to an immediate annuity that starts the payments right away.

"The way an annuity works is that you put your money into it, and there will be some form of a guarantee on the money,” says Robert Gilliland, managing director and senior wealth advisor at Concenture Wealth Management in Houston, Texas. “That could be a guarantee in the form of a stream of income or a death benefit.”

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Authored By Rodney A. Brooks

TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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