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Types of Retirement Plans Offered in Massachusetts

We will help determine which type of life and annuity plan in Massachusetts and Boston is suitable for your retirement. Invest in your future with the help of our staff. Below you’ll find information on how you are covered and your available options.

The Types of Annuities

An immediate annuity is a contract in which payouts begin immediately, or within the first year, after money is deposited into the annuity. This type of annuity is designed to provide someone with an immediate and steady flow of cash income.

A common type of immediate annuity is the:

Single Premium Immediate Annuity (SPIA)

This type of annuity is usually purchased for income. Usually, the owner of the contract will designate the amount of income he or she wishes to get per year, based on how much is needed and how long the money is needed for. This type of annuity can remove the worry of managing money. SPIA payments are not affected by market swings and the recipient can count on the income from this type of annuity each month, which can assist in budget planning.

A deferred annuity is designed for saving money to accumulate for future use. Deferred annuities are growth products where the tax on the interest earned is deferred until the money is withdrawn from the annuity.

A few types of deferred annuities are:

Fixed Annuities

A fixed annuity gives a fixed interest rate for a fixed amount of time, as stated in the contract. The fixed rate varies and depends on the insurer’s current investment portfolio. The major advantage of a fixed annuity is safety, for a predetermined rate is set and one cannot earn more or less than the fixed rate . Note: a fixed annuity can be either deferred or immediate. Also, a fixed annuity can be either a single premium or flexible premium annuity.

Variable Annuities

This type of annuity has no safety of principal, because the insurance company invests the money, as the policyholder selects, into separate funds that have market risk, i.e. stocks, bonds, etc. There are also administrative and sales charges associated with this type of annuity. This type of annuity can be compared to a mutual fund. There is a significant amount of risk in this type of annuity. Note: a variable annuity can be either a single premium or flexible premium annuity.

Equity Indexed Annuities

This type of annuity gives the owner the ability to participate in the growth of the stock market, i.e. S&P 500, NASDAQ 100, Dow Jones Industrial Average, without having to risk any of their principal. Equity indexed annuities provide guaranteed minimum interest rates similar to fixed annuities or CD’s. Therefore, if the index someone is participating in goes up, then his or her account value goes up (subject to limits). If the index someone is participating goes down, then his or her money is safe and is guaranteed to earn no less than the contract’s guaranteed minimum interest rate. Moreover, this type of annuity allows the contract holder to keep their principal 100% safe and, at the same time, participate in growth opportunities potentially higher than what they would be able to get in a regular fixed annuity. An equity-indexed annuity seems to take some of the good points from a variable and fixed annuity and combine them, without combining the downsides. Note: an equity-indexed annuity can be either a single premium or flexible premium annuity.

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For the last few years, I have been buying properties in the Boston area, remodeling them and selling them as condo units. Chris and the Guarino Insurance Agency staff has helped me tremendously when it has come to insuring the properties that I buy. Their expertise in advising and setting up Builders’ Risk & Liability policies for me during construction, and then a Master Condo Insurance Policy once construction was completed, has been instrumental in making sure that I have been covered properly over the years. Since I found the service so helpful at the Guarino Insurance Agency, I decided to insure other things, such as my own home, and I have been just as satisfied with their personal insurance service as their business/commercial insurance service. Overall, I am happy to say that The Guarino Insurance Agency has met my needs and clearly exemplifies what an insurance agency should be doing to keep their customers satisfied.

- Dave M
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It was through a high-praising recommendation that I came to the Guarino Insurance Agency. I was thinking about getting a life insurance policy and was completely unsure of how to go about it. Chris assisted me and answered the (at least) 100 questions I had. Now a couple of years, a life insurance policy, condo/homeowners policy, auto policy, and about a million questions later, I couldn’t be happier with my decision. I have recommended Chris and the Guarino Insurance Agency to many friends and family and will continue to do so!

- Lisa C
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There comes a time in every man’s life when you realize that you’ve got to take the plunge. So when I finally did buy that engagement ring, the first thing I did was call my fellow college alumnus, Chris Guarino, to find out how I could insure it. Chris educated me on the process and helped me get a policy quickly and effortlessly. It was a huge relief, seeing as I was flying across country with the ring. A couple of weeks ago, I was closing on a new home. Because of my first experience with the Guarino Agency, it was a no-brainer who I was going to call for help with my homeowners insurance. Again, Chris impressed me with how well-versed he is in regard to the insurance industry. He helped me get a solid policy at a great price. It is reassuring to have an intelligent guy that you know you can trust take care of your most important investment. All of my future insurance needs will go through the Guarino Agency, and I’ve recommended my friends and family give them a call as well.

- Matt M
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Andrew Guarino has been my homeowner’s and auto insurance agent for the past year. As a client, I have had nothing but a good experience in dealing with Andrew and I am very satisfied with his performance. He is very informative about various insurance policies and can easily be reached whenever I have a question. He is a people person and he makes sure that his clients get the services they deserve. He continuously checks in to make sure that everything is going well and to see if he could be of any further assistance. I will, and have, recommended Andrew to many of my friends and family.

- Elizabeth M
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I recently moved from Rhode Island to Massachusetts and in doing so, was required to change my car registration and insurance agency. I shopped around for a couple of weeks and filled out numerous applications with several agencies for quotes on rates to determine which insurance plan would best fit my needs. After receiving quotes from many top-tier insurance agencies, I decided that the quote and the policy plan offered by Andrew Guarino through DG Insurance Agency was the ideal option, offering the best coverage at the most affordable price.

This is where my relationship with Andrew Guarino, my Independent Insurance Agent, and DG Insurance Agency began. From the moment I decided to insure my car with DG Insurance Agency, Andrew Guarino was fully prepared and available to guide me through the process of transferring my out of state registration to Massachusetts. He drove to my home with the required paperwork to initiate the process, since I was unable to meet with him elsewhere due to scheduling conflicts. He continually kept me posted on the insurance policy transfer process. He placed calls to my banking institution on my behalf, obtaining the title documentation. Andrew prepared a packet for me containing all the necessary paperwork to bring to the Registry. At the Registry, a clerk told me that I would have to pay over $1500.00 in taxes on my truck to Massachusetts, despite the fact that I had already paid taxes to Rhode Island.

A quick call to DG Insurance Agency and the agency contacted the Registry Headquarters to reconcile the situation at hand. With the help of Andrew and DG Insurance Agency, I was able to register my truck within minutes. The tax discrepancy could have resulted in a costly and timely delay, if it had not been for the support of Andrew and the staff at DG Insurance Agency.

I highly recommend Andrew Guarino as an Independent Insurance Agent to my friends, family, coworkers or anyone seeking insurance policies. He has been extremely accommodating and his professional attitude and efforts have proved to me that he seeks to help his clients in any way that he can.

- Justin B
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Andrew, we appreciate everything you have done for us. We would like to have you be our carrier for our Flood insurance as well. Although the rate was pretty much the same, we feel you responded to our e-mails in a timely manner and you are easier to get in touch with, and we appreciate that.

- Pamela S

DANIEL J. GUARINO

INSURANCE AGENCY INC.