Individual Retirement Accounts (IRAs)

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Full deduction for IRA contributions

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Allowed if not participating in an employer’s retirement plan or if income is below certain limits.

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IRA investment options

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Can be invested in a variety of investments.

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The annual contributions to a Roth IRA are not tax deductible.

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Contributions to a Roth IRA can be made after age 70½.

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Traditional IRA eligibility requires having taxable compensation below certain limits.

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An annuity is a periodic payment for a fixed period or the duration of a designated life.

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Longevity Annuity

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Begins paying benefits only at an advanced age, such as age 85.

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Life annuity (no refund) option

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Provides a life income to the annuitant only while the annuitant remains alive.

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Life annuity with period certain

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Pays a life income to the annuitant with a certain number of guaranteed payments.

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Riders for partial cash withdrawal

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Some insurers offer riders that allow annuitants to make a partial cash withdrawal.