Annuity Broker in Farmers Branch, TX
Retirement should feel secure, not stressful. But for many people in Farmers Branch and the surrounding DFW area, the biggest worry is the same: will my money last as long as I do?
If that question sounds familiar, you are not alone. Social Security helps, but it rarely covers everything. Savings accounts and CDs grow slowly. And the stock market can drop right when you need money the most.
An annuity can change that. It is a simple agreement between you and an insurance company you put in money now, and they promise to pay you a guaranteed income later. At Wilkerson Insurance Agency, right here on LBJ Freeway in Farmers Branch, we help you find the right annuity from multiple top carriers at no extra cost to you.
Worried Your Savings Won't Last Through Retirement?
Most people do not say they want an annuity. What they say is:
- “My 401(k) is down and I don’t know what to do with it.”
- “I’m scared I’ll run out of money before I die.”
- “Social Security won’t be enough, I know that much.”
- “I have money in the bank but it’s just sitting there earning nothing.”
- “I don’t want to hand everything to Wall Street and just hope for the best.”
These are real concerns that come up every day for people planning retirement in Farmers Branch, Carrollton, Coppell, Irving, and across North Texas. And they are completely valid.
Here is the hard truth, a 401(k) or savings account has no guarantee. If the market drops the year you retire, your income drops with it. An annuity is one of the very few financial products that removes that risk completely and gives you a paycheck you can count on, every single month, for as long as you live.
What Is an Annuity and How Does It Work in the Farmers Branch?
An annuity is a contract between you and a licensed insurance company. You give them money either all at once or over time and they agree to pay you back a guaranteed income stream, either starting now or at a future date you choose.
Think of it like building your own personal pension. You put the money in during your working years, and you get a steady paycheck in retirement no matter how long you live, and no matter what the stock market does.
Here is how the process works in three simple steps:
- Step 1: You fund the annuity: Pay a lump sum or regular contributions to an insurance carrier.
- Step 2: Your money grows: It earns interest on a tax-deferred basis meaning you don’t pay taxes while it’s growing.
- Step 3: You receive income: At the time you choose, your guaranteed payments begin monthly, quarterly, or annually.
How Is an Annuity Different from a CD or Savings Account?
This is one of the most common questions. A bank CD (certificate of deposit) grows your money at a fixed rate but it has limits on deposits and offers no lifetime income. When the CD matures, the payments stop.
An annuity, on the other hand, can pay you income for the rest of your life no matter how long that is. If you live to 95, the payments keep coming. It also typically offers better rates than a CD, plus the tax-deferred growth advantage that CDs simply do not have.
Types of Annuities We Offer
Fixed Indexed Annuities (FIA)
A fixed indexed annuity grows based on the performance of a market index like the S&P 500 but your money is never directly in the market. If the index goes up, you earn interest up to a cap. If the index drops, you earn zero, not negative. Your principal stays protected.
Variable Annuities
A variable annuity puts your money into investment sub-accounts similar to mutual funds. The value can go up or down based on market performance. This type carries more risk, but it also offers higher growth potential for people who are comfortable with that trade-off.
Immediate Annuities
With an immediate annuity, you hand over a lump sum and income payments start within 30 days, sometimes even faster. This is the right choice if you are already at or near retirement and need income to start now.
Deferred Annuities
A deferred annuity lets your money grow for years before you start taking income. You fund it now either with a lump sum or regular contributions and you leave it alone to accumulate interest. When you are ready to retire, you flip the switch and start receiving payments.
Single Premium Annuities
You make one lump-sum payment and the contract is set. There is nothing more to manage on the funding side. This works well if you have a large amount sitting in a savings account, an inheritance, or proceeds from a property sale that you want to protect and grow.
Flexible Premium Annuities
Not everyone has a large lump sum to invest all at once. A flexible premium annuity lets you fund it with regular contributions over time similar to contributing to a 401(k). You decide the amount and schedule, and it grows alongside your contributions.
Qualified Annuities
A qualified annuity is funded with pre-tax money, the kind that sits in a traditional IRA, 401(k), or 403(b). Rolling over your retirement account into an annuity can be done without triggering taxes if handled correctly. It converts a retirement savings balance into a guaranteed income stream.
Non-Qualified Annuities
A non-qualified annuity is funded with money you have already paid taxes on personal savings, bank accounts, and after-tax investments. Only the growth portion is taxable when you withdraw. This is a flexible option for people who want to grow extra savings outside of their existing retirement accounts.
Longevity Annuities
This is one of the least-talked-about but most powerful annuity types. You buy it today, and payments do not start until a future age you choose, often 80 or 85. Because you wait so long to collect, the monthly payments are very large when they finally begin.
Not Sure Where to Start? That's exactly what we're here for. One free call. We review your options and give you an honest recommendation at no cost to you.
Benefits of Annuities in Farmers Branch, TX
People choose annuities because they solve problems that no other financial product can fix quite the same way. Here are the main benefits that Farmers Branch residents count on most:
- Guaranteed income for life you cannot outlive your payments.
- Tax-deferred growth your money compounds faster inside the annuity.
- Texas no-state-income-tax advantage, more money stays in your pocket.
- Principal protection in fixed and indexed annuities, your original deposit is safe from market losses.
- IRA and 401(k) rollover friendly move existing retirement funds without a big tax hit.
- Death benefit remaining value passes directly to your family, often without going through probate.
- Social Security bridge uses annuity income now and delays Social Security until it pays you more.
- Inflation options some annuity types let your payment grow over time to keep up with rising costs.
- Protection from creditors in many cases, annuity assets have legal protections in Texas.
Is an Annuity the Right Choice for You?
- Are age 50 or older and thinking about retirement income
- Have $30,000 or more in savings, a CD, or a retirement account that you want to protect
- Want at least one income source in retirement that can never run dry
- Are worried about what happens if the market crashes right after you retire
- Have an IRA or 401(k) you want to convert into a guaranteed monthly payment
- Want your spouse or family to receive money if you pass away
- Prefer a simple, set-and-forget income solution over active investing
We believe in giving you the full picture even if that means telling you an annuity is not right for you right now.
- You are under 45 and retirement is still far away your money may grow better in other investments first
- You need all of your savings to stay liquid and accessible immediately annuities have surrender periods
- You prefer to actively manage your own investments and enjoy market risk
- Your financial situation involves significant debt that needs to be addressed first
Why Choose Wilkerson as Your Annuity Broker
Wilkerson Insurance Agency is an independent broker. That means we work with multiple top-rated insurance carriers and compare their products side by side to find what actually fits your goals and budget.
Here is what that means for you:
- You get to see options from multiple companies, not just one.
- We are not paid more to recommend one carrier over another. Our job is finding your best fit.
- We are licensed in Texas and multiple other states with 15+ years of insurance experience in the DFW market.
- There is no broker fee charged to you the carrier compensates us, not you
- We are local our office is at 2727 LBJ Freeway, Suite 1062, Farmers Branch, TX 75234
- Serve clients across Farmers Branch, Carrolton, Coppell, Irving, Lewisville, Southlake, Colleyville, Dallas, and Houston
- We stay with you after the sale questions, changes, beneficiary updates we are here year-round
What Our Customers Say
Our Team
Our team, led by LeRoy Wilkerson, consists of licensed, experienced professionals committed to providing personalized guidance on health insurance.
LeRoy Wilkerson (Coppell)
Kimberly "KJ" Martin
Gena Batson (Carrollton, TX)
Darlene Brown
Areas We Serve
Wilkerson Insurance Agency serves Farmers Branch and the surrounding DFW area, helping find the right annuity plan for a secure retirement. Our team is ready to provide personalized annuity solutions that match your income goals and savings right here in Farmers Branch, TX.
- Dallas
- Plano
- Lewisville
- Colleyville
- Richardson
- Farmers Branch
- Houston
- Coppell
- Irving
- Addison
Frequently Asked Questions
Yes. A qualified annuity is funded directly from a traditional IRA, 401(k), or 403(b). When done correctly as a direct rollover, you do not owe taxes at the time of transfer. The money simply moves from your retirement account into an annuity contract and begins earning interest on a tax-deferred basis. We can walk you through the rollover process step by step.
The growth inside an annuity is tax-deferred meaning you pay no taxes while the money is accumulating. You only owe income tax when you start taking withdrawals. Because Texas has no state income tax, you will only owe federal income tax on those withdrawals. This makes Texas one of the best states in the country for annuity income. For more details, the Texas Department of Insurance (tdi.texas.gov) publishes a consumer guide on annuity taxation.
A surrender charge is a penalty for withdrawing more than your allowed amount during the contract’s surrender period, typically 5 to 10 years. Most contracts allow a free withdrawal of up to 10% of your account value each year without penalty. After the surrender period ends, you can move your money freely. We always explain surrender terms clearly before you make any commitment.
Most annuity contracts include a death benefit. If you pass away before collecting all of your payments, the remaining value goes to your named beneficiary often without going through probate. If your spouse is the beneficiary, they can typically take over the annuity and continue receiving payments. Other beneficiaries may receive a lump sum or structured payments. The details depend on the contract type, so we always review beneficiary options carefully before you sign.
This depends on the carrier and the type of annuity. Some contracts start as low as $5,000, while others have minimums of $10,000 to $25,000. Fixed indexed and deferred annuities typically have lower minimums. Immediate annuities often require more since the payments begin right away. During your free consultation, we will match you with options that fit your available funds.
A fixed annuity (including fixed indexed) protects your principal; your original deposit can never go negative due to market losses. A variable annuity is linked to investment sub-accounts that rise and fall with the market. Variable annuities offer higher growth potential but carry real risk of loss. For most retirees and pre-retirees in Farmers Branch, fixed and fixed indexed annuities are the more suitable starting point.
No. Working with Wilkerson Insurance Agency costs you nothing extra. We are compensated by the insurance carrier after you purchase a policy not by you. The price of the annuity is the same whether you go directly to a carrier or come through us. The difference is that we compare multiple carriers on your behalf, which can result in a significantly better rate or more suitable contract than going direct.
Get in Touch
Phone
Physical Address
2727 LBJ Freeway, Suite 1062 Farmers Branch, TX 75234
Mailing Address
P.O. BOX 1711 Coppell, TX 75019