THOMPKINS FINANCIAL ADVISORY SERVICE

FIDELITY VARIABLE ANNUITIES

Fidelity offers variable annuities which allow (1) the investment of an unlimited amount of money at any time and (2) the deferral of all capital gains, dividends and/or interest earned on the investment until withdrawals are made beginning at age 59.5 or later.  A substantial penalty is imposed if any portion of the investment is withdrawn prior to the age of 59.5.  However, there is not a mandatory age at which an individual must begin to make withdrawals.  Although, the laws governing variable annuities do not permit the offset of an individual annual income by the amount that is invested in the annuity, a substantial tax benefit accrues through the deferral of all gains until withdrawals are initiated. Fidelity has an excess of thirty seven mutual funds and a money market fund associated with its variable annuities and an individual can choose to invest in one or more of these funds.  As with the sector funds, Fidelity allows exchanges between funds by telephone or online.

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