Unlike a taxable account, a fixed annuity enjoys the benefits of tax deferral. In addition, many annuity companies offer a higher first year bonus rate. To be able to offer these higher rates companies typically require you to keep the funds invested for a period of time or suffer a surrender penalty for early withdrawal. Use this calculator to help determine your annuity value in a given year and compare it to a taxable savings account like a CD*.
*CD's are issued by the Federal Deposit Insurance Corporation (FDIC) for up to $250.00 per depositor. Fixed Annuities are issued by insurance companies and are not insured by the U.S. Government. They are backed by the financial strength of the issuing company.
The results and explanations generated by this calculator may vary due to user input and assumptions. New York Life Insurance Company does not guarantee the accuracy of the calculators, results, explanations, nor applicability to your specific situation. We recommend that you use this calculator as a guideline only and you ultimately seek the guidance of an experienced professional.
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