Is your CD costing you $$ ?

If your CD (Certificate of Deposit) account earns $5000 in annual interest income, you will receive a 1099 for $5000 to report on your tax return at the end of the year. If you are in the 31% tax bracket this means you owe the IRS $1550. If you do the calculations, you've just paid 45% of your interest earnings to the government!
($5000 interest earned less $1550 taxes = $3450 remaining.)
($1550 tax divided by your profit of $3450 cost you 45% of the interest you earned.)

By transferring your savings to an annuity, you eliminate the 1099 at the end of the year and get to keep that $1550 in interest to compound tax-deferred.

It's like borrowing from the government at 0%!
Other key differences between Bank CD's and Annuities are compared in the table below:

Comparison of Annuities with Certificates of Deposit
Features	Annuity	CD
1. Free from principal/market risk and price fluctuations?	Y	Y
2. Are interest earnings free from current taxation?	Y	N
3. Are interest earnings reinvested automatically with no current income taxation?	Y	N
4. Am I able to make small additional investments? (If your tax deferred annuity is flexible)	Y	N
5. Tax liability on Social Security income eliminated on deferred accumulation?	Y	N
6. Liquid?	Y	Y
7. Flexible?	Y	Y
8. Penalty free withdrawal?	Y	N
9. Funds not reduced by commissions?	Y	Y
10. Does this investment automatically avoid the expense and delay of probate?	Y	N
11. Guaranteed lifetime income with tax advantages?	Y	N
Total Differences	11	4

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