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What is the difference between an IRA and a personal annuity?

April 26, 2017Annuity IRA

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What is the difference between an IRA and a personal annuity?

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Each year as you do your taxes you are probably reminded that contributions to an IRA may be deducted from current taxable income if you meet certain eligibility requirements. A personal annuity, on the other hand, is one that an individual purchases with after-tax dollars.* *An annuity which is not used to fund a qualified plan.