Variable annuities typically start when the contract is initiated and the initial investment is made. The start date is determined by the contract terms and can vary depending on the specific annuity product and the preferences of the investor. It's important to note that variable annuities are long-term investment vehicles designed for retirement purposes, so the start date is significant in terms of the accumulation and distribution phases of the annuity.
Key Points:
- The start date for variable annuities is determined by the contract terms and the initial investment.
- Variable annuities are long-term investment vehicles primarily used for retirement planning.
- The start date is crucial for understanding the accumulation and distribution phases of the annuity.
When considering variable annuities, it's essential to consult with a financial advisor or an insurance specialist to fully understand the terms, features, and implications of the specific annuity product being considered.