First South Bank  
First South Bank
About Us
Investment Options


Uvest Consultants

Investment FAQS

UVEST Account Log-In

Annuity Benefits

Ideal for Estate Planning  
Proceeds from annuities pass directly to your beneficiaries without the delay, expense, and publicity of probate in most states. If you’ve ever had a loved one’s estate go through this time-consuming legal process, you know just what kind of advantage this is.
Power of Tax Deferral  
Because you do not pay taxes on earnings every year, your annuity is able to work harder thanks to tax-deferral. You will have to pay taxes on earnings when you withdraw your annuity’s gains, but at least you can decide when that happens.
No Contribution Limits  
Contributions to other retirement savings vehicles, like 401(k)s and Individual Retirement Accounts, are strictly limited. Annuities, however, offer tremendous flexibility. You can contribute as much as you want, up to the limits imposed by the insurer, to take advantage of tax-deferral or variable accounts inside the annuity. Plus, you can add to your annuity contract at any time.
Flexible Payment Options  
Unlike 401(k)s and IRAs, which require that you begin making withdrawals at age 70 1/2, you may be able to wait much longer with annuities. When you do decide to begin receiving payments, you can usually select one of the following methods:
  • Lump Sum distribution (a one-time payment)
  • Periodic distributions (you can take money only when you need it)
  • Systematic distributions (a fixed or variable amount is sent to you at regular intervals)
  • Annuitization (fixed or variable payments, guaranteed for the rest of your life)
Tax Control  
The money inside your annuity is made up of two components: principal and earnings. Assuming your annuity was opened with after-tax dollars, you’re only taxed on your earnings.
Easy to Start and Maintain  
Usually, a simple application, a check, and your signature begins your annuity. And, at the end of each year, you will not receive a 1099 for income earned within your annuity contract.


© First South Bancorp, Inc. All Rights Reserved. Member FDIC. Equal Housing Lender.