Non-qualified Annuity

A non-qualified annuity is a type of investment contract with an insurance company that is funded with after-tax dollars, meaning you do not get a tax deduction for your contributions. It allows your money to grow tax-deferred until you withdraw it. When you take money out, you pay taxes on the earnings, but not on your original contributions. Non-qualified annuities can offer various investment options and can provide a steady income stream in retirement. They are useful for individuals looking to enhance their retirement savings outside of employer-sponsored plans or IRA accounts.