Annuities in Clarksville, TN
Tennessee does not tax annuity income, and Kentucky only partly does. Les helps Clarksville retirees near the state line plan income with that difference in view.
Annuities built around Clarksville, TN
An annuity is a contract with an insurance carrier that converts your savings into a stream of income, either right away or starting at a future date. Depending on the type, an annuity can offer a guaranteed interest rate, growth linked to a market index, or income you cannot outlive, no matter how long you live.
Clarksville, TN, the historic center of Tennessee’s dark fired tobacco region and the county seat of Montgomery County and Tennessee’s fifth largest city, with roughly 166,700 residents counted in the 2020 census.
Tennessee has no broad personal income tax. It never taxed wages, and the Hall income tax on interest and dividends was repealed for tax years beginning January 1, 2021. For a Clarksville retiree, annuity income is taxed federally but not by the state. Move a few miles north into Kentucky and only the first $31,110 of retirement income per person is excluded from state tax, so which side of the line you retire on changes what a monthly annuity payment is worth.
Sources: Tennessee Department of Revenue: Hall income tax repeal; Kentucky Department of Revenue: Pension income exclusion
Guaranteed income
Certain annuity types can provide income payments for life, removing the risk of outliving your savings.
Principal protection
Fixed and fixed indexed annuities are designed to protect your original principal from market downturns.
Tax-deferred growth
Earnings inside an annuity generally grow tax-deferred until you begin taking withdrawals or income.
Coverage for Clarksville residents in three steps
Share your timeline
Tell Les when you want income to start and how much of your savings you want protected.
Compare products
Les compares fixed and indexed options from multiple carriers and shows the real numbers side by side.
Fund your plan
Choose the option that fits, complete the paperwork, and set your income to start on your schedule.
More ways we help Clarksville families
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Annuities in Clarksville, answered
What is an annuity?
An annuity is a contract with an insurance carrier where you contribute money, either as a lump sum or over time, in exchange for guaranteed income later, or in some cases immediately. Different annuity types offer different combinations of growth, protection and income.
Is my principal protected?
Fixed and fixed indexed annuities are designed to protect your original principal from market losses, subject to the terms of the specific contract and any early withdrawal charges.
How is an indexed annuity different from investing in the market?
An indexed annuity credits interest based on the performance of a market index, but your money is not directly invested in the market. Gains are typically limited by a cap or participation rate, and principal is generally protected from index losses.
When can I start taking income?
It depends on the annuity type. Immediate annuities can begin paying income right away, while deferred annuities are designed to grow for a period before income starts on a schedule you choose.
Does Tennessee tax annuity income?
No. Tennessee has no broad personal income tax, and the Hall income tax on interest and dividends was repealed for tax years beginning January 1, 2021. Annuity income is still subject to federal income tax. Ask a tax preparer about your own return.
Get your annuities options in Clarksville.
A quick call with Les, a licensed independent agent based in Clarksville, is usually all it takes.