Deferred Florida Annuity
A deferred Florida annuity is similar to a personal account which is intended for long-term savings goals, like retirement. It differs from an immediate Florida annuity in that income payments are optional and are deferred until a future time. Deferred Florida annuities have two phases: the savings and investment phase, where your earnings accumulate tax-deferred, and the income phase, where you can receive regular payments for your lifetime or another period. Deferred Florida annuities typically allow withdrawals during the savings and investment or accumulation phase, and entering into the income phase is typically optional. Early withdrawal charges and ordinary income taxes apply at withdrawal, and tax penalties for withdrawals before age 59 1/2 may apply. There are two types of deferred annuity: fixed and variable.
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