What Are Pensions And Annuities?

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   David RacichPRO

   Fountain Hills, Arizona

   There can be a little leeway in the definitions of a pension, but here’s mine. The traditional quailed pension of the past was a basic defined benefit plan investing in the market or a more conservative  portfolio of fixed instruments paying a fixed ongoing payment either for the life of the pensioner or a fixed time certain period. The benefits are taxed as ordinary income. A tax deferred annuity is a non-qualified insurance product that can pay as similarly stated above, except the distribution of basis is tax free.
    

   Answered on July 22, 2013

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