James: Maggie, I need to start generating income from my savings soon. What can you tell me about immediate annuities?

Maggie: Immediate annuities could be a good fit for you, James. With an immediate annuity, you make a lump-sum payment to the insurance company and, in return, they start paying you income almost immediately.

James: How soon is “immediately”?

Maggie: Usually within a month after your initial payment. This can be a great option if you’re looking to start receiving income right away, such as in retirement.

James: Is the income fixed or can it change?

Maggie: The income is typically fixed, providing you with a predictable stream of payments for a specified period or for the rest of your life. If this sounds like it could meet your needs, I can help you explore immediate annuities further. Let’s set up a time to go over the details.

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