Annuity Broker in Farmers Branch, TX
Will your money last as long as you do? Social Security rarely covers everything, savings accounts grow slowly, and the market can drop right when you need it most. Wilkerson Insurance Agency, right here on LBJ Freeway in Farmers Branch, helps you find the right annuity from multiple top carriers at no extra cost to you.
Request a Free Annuity Consultation
No broker fee. We compare fixed, indexed, immediate, and deferred annuities from top carriers to find your guaranteed income fit.
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.
An annuity is a simple agreement between you and an insurance company. You put in money now, and they promise to pay you guaranteed income later — a risk that no other retirement product removes quite the same way.
What Is an Annuity and How Does It Work in 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:
- You fund the annuity. Pay a lump sum or regular contributions to an insurance carrier.
- Your money grows. It earns interest on a tax-deferred basis, meaning you don’t pay taxes while it’s growing.
- 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.
Ready to see your options?
We’ll compare fixed, indexed, MYGA, and immediate annuities against your goals and timeline, at no cost to you.
Two Core Annuity Categories: Fixed vs. Variable
Protects your original deposit; your principal can never go negative due to market losses. Includes MYGA contracts, which lock in one guaranteed rate for the full term, and fixed indexed annuities, which credit interest based on a market index up to a cap, with a floor of zero in down years.
Principal Always ProtectedPuts 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 comfortable with that trade-off.
Market-Linked Growth| Feature | MYGA | Fixed Indexed Annuity |
|---|---|---|
| Interest basis | One fixed rate for the entire term | Tied to a market index like the S&P 500, up to a cap |
| Term length | Typically 3 to 10 years | Varies by carrier and contract |
| Principal protection | Full protection, rate never changes | Full protection, floor of zero in down years |
| Best for | Total predictability, most often compared to a CD | Some upside potential alongside guaranteed principal protection |
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.
Multi-Year Guaranteed Annuities (MYGA)
The simplest type of fixed annuity. A MYGA locks in one guaranteed interest rate for a set term, usually 3 to 10 years, with no market exposure and no index tracking at all. What you see going in is what you earn for the whole term. This is the type most often compared directly to a CD, and it typically wins that comparison on rate.
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. Use annuity income now and delay Social Security until it pays you more.
- Inflation options. Some annuity types let your payment grow over time to keep up with rising costs.
- Optional lifetime income riders. Many fixed indexed annuities offer a Guaranteed Lifetime Withdrawal Benefit rider you can add for an ongoing cost. It lets you withdraw a set percentage of your income base every year for life, even if the account value runs low. We only recommend a rider when the added cost genuinely fits your income goals.
- Protection from creditors. In many cases, annuity assets have legal protections in Texas.
What to Know Before You Buy
Every honest annuity conversation includes the fine print, not just the upside. Here is what Texas law and federal tax rules require you to understand before signing anything:
Four Disclosures Every Buyer Should Understand
- Texas requires a 20-day free-look period. After you receive your contract, you have 20 days to review it and cancel for a full refund of your premium, no questions asked. Use this window to read the surrender schedule closely.
- Annuities are not FDIC-insured or government-backed. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company, not by a bank or any government program. This is exactly why we only work with financially strong, highly rated carriers.
- Withdrawals before age 59½ can trigger a 10% IRS penalty on the taxable portion, on top of ordinary income tax. Surrender charges from the carrier are separate from this and can also apply during the contract’s surrender period.
- Recommendations must be suitable for you specifically. Under Texas and NAIC standards, we are required to document that any annuity we recommend fits your financial goals, liquidity needs, and time horizon, not just the product itself.
For the state’s own consumer guidance, see the Texas Department of Insurance annuities guide.
Is an Annuity the Right Choice for You?
An Annuity May Be a Good Fit If 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
An Annuity May NOT Be the Best Fit If You:
We believe in giving you the full picture, even if that means telling you an annuity is not right for you right now.
- Are under 45 and retirement is still far away — your money may grow better in other investments first
- Need all of your savings to stay liquid and accessible immediately, since annuities have surrender periods
- Prefer to actively manage your own investments and enjoy market risk
- Have significant debt that needs to be addressed first
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.
Request Your Free Farmers Branch Annuity Review
Fixed, indexed, MYGA, immediate, and deferred annuities compared side by side in one free consultation.
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Chilia Martin
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Monika Troester
“Always a pleasure to speak with LeRoy. He had some fabulous options for me that improved my coverage and bettered my costs. I have given several people I know who are looking for coverage his information because he has done right by me time and time again.”
Rita Curtin
“LeRoy was amazing, asked what our needs were and sent over two plans with quotes and then set up a meeting to walk us through them. He explained the plan that we were interested in, and we did not feel rushed at all.”
Thorned
“Highly recommend. Leroy is very efficient, knowledgeable and thorough. He helped me find affordable coverage to bridge the gap to Medicare. It was such a relief to have someone who I could trust to navigate the complex world of insurance. Looking forward to working with him to assist me with Medicare and supplement plans.”
Kathryn Gabbert
“Mr. Leroy is the best! He was so patient, helpful and never made me feel rushed or pressured. He took so much time to make sure we found the right plan for our family, and was transparent with me regarding all steps of the process!”
If a bridge to Medicare is part of your own retirement timeline, our Medicare Supplement page covers how that coordinates with an annuity income plan.
Our licensed team, led by LeRoy Wilkerson, helps Farmers Branch retirees compare annuity types, explain riders and guarantees, and build a retirement income plan that fits your goals.
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.
The right annuity turns savings you have already earned into income you cannot outlive. Our service costs you nothing extra, the comparison is real, and we will tell you honestly if an annuity is not the right fit yet.