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Message: [QUOTE="Munyaradzi Mafaro, post: 31376, member: 636"] Deferred annuity plans save your money today and pay you later when you retire. They give fixed income starting from a future date you choose. During your working years, you build savings that turn into regular payments after retirement. This steady money helps you follow dreams like buying houses, traveling places, pursuing hobbies, or launching new businesses when your career ends. You pay into these plans however works best for your wallet. Some people make monthly deposits, others pick half-yearly, yearly, or just one large payment. With single-payment options, you wait through a set period before benefits start flowing. The best part? Your future income amount locks in when you purchase the plan. This creates certainty because your guaranteed payments never change, regardless of what happens with financial markets. These insurance products offer several customization choices that match your situation. You can include protection for your spouse or other family members. Some versions even return all your premium payments when everything finishes. Deferred annuities stand out as safe retirement investments because they shield your hard-earned cash from market ups and downs. The government gives tax advantages under Section 80C for premiums paid into these plans. When deciding between annuity types, consider your timeline carefully. Deferred plans work perfectly if you have years before retirement and don't need cash immediately. For those needing income right away, immediate annuity plans might serve better purposes. Early access to your money typically causes penalties and extra charges. These products function poorly as emergency funds because of restricted access. Should you pass away before receiving payments, your beneficiaries collect the remaining balance according to plan rules. Always keep your loved ones informed about your policy details. Different annuity plans suit different needs - examine your retirement goals thoroughly before making final decisions. [/QUOTE]

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