IMPERIAL, Pa. — Have you seen the interest rates at some of the banks out there? One or two percent is quite common. Check out your mutual fund or brokerage statement and look at the money market rate. Lately this figure is coming in at 0.10 or 0.20 percent. Wouldn’t you like to earn a little more money?
Here is one of the best ideas for short-term money, especially if you are in your late 50’s or older. SNPJ has a two-year annuity that is currently paying three percent, and the lifetime minimum on this plan is three percent. Right now you are guaranteed to receive three percent interest on your money, but it could be more if rates go up in the future.
The following are the plan highlights:
- A high current yield of three percent paid on the entire amount deposited.
- Earnings will grow tax-deferred until you decide to make withdrawals.
- Ten percent withdrawals (after one year) and interest may be withdrawn penalty-free.
- Flexible accounts allow for future deposits at any time.
- There are no fees, expenses or maintenance charges like many other institutions are charging nowadays. There is, however, an early withdrawal penalty.*
- Your principal and interest are guaranteed because they’re backed by an organization with more than 105 years of experience. Even if economic conditions cause interest rates to fall, your interest rate is guaranteed never to drop below three percent and your money is backed by reserves which are governed by law.
Assume you deposited $25,000 with SNPJ. You would earn $750 in interest the first year, and over the two-year period you would earn just over $1,500. At the end of the two years you could withdraw your principal and interest, and invest the money elsewhere if you wanted to. Or you could leave the account open and let it continue to grow.
SNPJ offers a few annuity choices that are paying more than three percent interest. We have an annuity fact sheet with all of this information. Please contact your Lodge secretary, local sales representative or the SNPJ Home Office at 1-800-843-7675 for more details.
- Thought for the Week — I’m not as concerned with the return on my money as I am with the return of my money. Mark Twain
* Annuities may be subject to a 10 percent early withdrawal penalty from the federal government if you take money out prior to reaching age 59½. Some exceptions apply.
