Most people save for major purchases like new cars, home improvements or tropical vacations.

Unfortunately, some people don’t plan for their long-term financial needs. People who don’t plan may not have the type of retirement they desire. Do your retirement plans feel secure?

Deferred life annuities may be one option for you to consider. An annuity is a contract that offers you a way to build income for retirement. The annuity’s earnings are tax-deferred, which means you won’t pay taxes until you begin withdrawing your money.

A deferred life annuity allows you to build savings over time. It then provides you a reliable source of retirement income — income that you cannot outlive.

Deferred life annuities:

• Can be purchased with a lump sum payment or a series of periodic payments.

• Guarantee an interest rate for one year, or a longer duration, depending on the annuity.

• Offer earnings that grow federal tax-deferred until withdrawal. This is a powerful tax benefit that can help your earnings grow faster than they would if taxed annually.

• Provide a dependable source of retirement income. The income payment amount is based, in part, on the accumulated value in your annuity and the income payment option you choose.

In some situations, a surrender charge may be deducted from a partial account value withdrawal and/or a total surrender of the policy. Surrender charges are often a percentage of the accumulation value withdrawn.

Whatever your retirement needs, deferred life annuities can help you rest easy with a guaranteed rate of return. Talk with an insurance professional about the benefits of a deferred life annuity.

Stuart Heflin is a State Farm agent in Natchez.