Whether you’ve already retired or are approaching retirement, you have a lot of choices when it comes to how you’ll create and draw your retirement income.

As you make decisions about how you’ll fund your retirement, you must first consider a few key questions:

What are your short-term and long-term goals?

A fixed annuity is great for people who:

A fixed annuity is a contract that lets you invest your money with ING; and in return, we will pay you a fixed, stated rate of return. The interest rate is guaranteed for a certain period of time, such as a year, and then the rate will change, based on current market conditions. You will be notified of what your new rate will be and then that rate is locked in for another period of time, for example, another year.

There’s also a “minimum” guarantee rate so you know that your money will always earn a certain amount no matter how low interest rates fall.

While your money is in the annuity that rate of return grows tax-deferred, meaning you will not pay any taxes on the growth of your money until you decide to make a withdrawal. So, you won’t receive a Form 1099 at the end of the tax year. The IRS doesn’t even know you have it. (We love that.)

Here’s the best part. Because you’re not paying any taxes on those earnings…your money actually grows faster because the money that would have gone to the IRS gets to stay in the annuity and continue to compound.

It’s important to remember that an annuity is for long term investing. If you need money from your annuity in the early years of your contract, there may be a surrender charge if the amount you need is more than the free withdrawal amount you’re allowed to take each year, usually 10%. (Uncle Sam will also look for his income tax on earnings that you take out as well.)

Because the IRS is letting your money grow tax-deferred, they want to make sure that you are in it for the long haul, too. So, if you need to take money from your annuity before you turn 59 ½ years old, they will ask for a 10% excise, or penalty tax, for taking your money out early. There are exceptions to this rule that your financial professional can tell you about, but in general, you should plan to keep your money in past that birthday.

There’s also a silver lining if you’re saving for retirement. If you’re familiar with IRAs, you may know that you have to start taking money out of your IRA when you turn 70 ½ even if you don’t need the income. Well, as long as your annuity is not in an IRA, you don’t have to take that money until you’re darn good and ready to. (If you buy an annuity with a stated maturity date or age, such as age 100, you would have to take it then.)

What are your expectations for returns on your saved or invested money?

Just when you thought this couldn’t get any better, it does. Many people think that an annuity means you get an income stream for the rest of your life…and that’s it.

Well, if that’s what you want, we’re happy to help you. But truth be told, our customers rarely take that option.

There are almost as many income and withdrawal options on annuities as there are types of annuities.

If you die while your annuity contract is in force, and you have named a beneficiary, the full value of your fixed annuity will pass to your heirs without the cost and delay of probate. If you’ve already annuitized your contract for a guaranteed income stream, the income option you chose will determine how much money goes to your heirs.

Depending on your answers to these and other important questions, annuities may be a good choice for a portion of your retirement savings. Annuities can help you reach your retirement-planning goals with the choice, control, and flexibility they offer.

Annuities offered through ING USA can provide you:

Depending on the type of annuity and your risk tolerance, you can choose how your money earns interest.

Certain annuities allow you to control your retirement income. You decide how much guaranteed income you want – and when you want it.

ING USA offers innovative living benefits, death benefits, income options, and contract guarantees. You have the flexibility to choose the annuity options that are right for you.

Learn more about annuity choices offered through ING USA by visiting with your financial services professional. He/she can help you determine what type of annuity may be right for a portion of your retirement savings.