Fixed Annuities

About Annuities

An annuity is a contract with a life insurance company, in which your money accumulates and compounds tax-deferred which means that you pay no taxes on the income while the investment grows until you withdraw the money. However, upon withdrawal, you will be taxed at your current income tax rates rather than capital gain taxes. A 10% tax penalty may apply for withdrawals before age 59½.

We offer both fixed and variable rate annuities. Both offer distinct product features for meeting a wide variety of investment objectives.

Fixed Annuity

Fixed annuity is a contract with a life insurance company, in which your money accumulates and compounds tax-deferred with earnings being paid as interest. You pay no taxes on your interest until you make a withdrawal; however, a 10% tax penalty may apply for withdrawals before age 59½.

Fixed annuities allow you to purchase annuities with a fixed interest rate for the lifetime of the annuity. Fixed annuities are an excellent way to accumulate money for retirement purposes.

There is a surrender charge imposed generally during the first 5 to 7 years that you own the contract. Withdrawals prior to age 591/2 may result in a 10% penalty, in addition to any ordinary income tax. The guarantee of the annuity is backed by the financial strength and claims paying ability of the underlying Insurance company. Some fixed annuities pay a bonus to investors in the first year. Annuities carry insurance related fees and expenses that may not apply to other types of investment vehicles. We have many annuities available through PRIMEVEST.

Ask to speak with one of our Investment Executives located at an Ulster Savings Bank branch location near you today!

PRIMEVEST Financial Services, Inc. is an independent registered broker/dealer and registered investment adviser. Member FINRA/SIPC. Securities and insurance products offered by PRIMEVEST: *Not FDIC insured * May go down in value * Not financial institution guaranteed * Not a deposit * Not insured by any federal government agency. Advisory services may only be offered by Investment Adviser Representatives in connection with an appropriate PRIMEVEST Advisory Services Agreement and disclosure brochure as provided. * Neither PRIMEVEST nor any of its representatives may give legal or tax advice. FINRA Registered Branch: 180 Schwenk Drive, Kingston, N.Y. 12401

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Investment Executives are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with residents of other states will only be made upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.