Annuities
Protect Your Retirement with Steady, Reliable Options
Protect What Matters Most
An annuity is a contract with an insurance company — you contribute funds, and in return you receive predictable growth, income, or both, depending on how the product is structured. For South Carolina retirees and pre-retirees, the right annuity can solve two problems at once: protecting savings from market loss and creating income that continues as long as you live.
At GROW Wealth Advisory Group, Scott Grow offers fixed and fixed indexed annuities through access to 150+ carriers. The process starts with your retirement goals — how much income you need, when you need it, and how much risk you're willing to carry — and works back to the product that fits.
Planning for Retirement in South Carolina
The Lowcountry draws retirees for obvious reasons — coastal access, mild winters, and a relatively affordable cost of living compared to other Southeast markets. But retirement income planning in South Carolina also has a few tax considerations worth understanding.
South Carolina does not tax Social Security benefits. For other retirement income — including distributions from IRAs, 401(k) plans, and pensions — the state allows a deduction of up to $3,000 per year for residents under 65, and up to $10,000 per year for residents 65 and older. How annuity income is treated can vary depending on the product type and how the funds were contributed; a tax professional can advise on the specifics for your situation.
What Scott addresses is the income planning side: how much you'll need, what sources it comes from, and how to structure guaranteed income so that market conditions in any given year don't determine whether your retirement stays on track. That includes
coordinating Medicare costs with your retirement income as a real budget line item, and understanding
how life insurance fits into a broader retirement plan for clients who are still carrying coverage from their working years.
Annuity Options Scott Offers and Explains
Types of Annuities We Help You Understand
Fixed Annuities
A fixed annuity credits a guaranteed interest rate for a set term — your principal is protected, your growth is predictable, and your account value cannot decline due to market performance. For South Carolina retirees who want a stable, low-complexity foundation for retirement savings, fixed annuities are often the starting point.
Fixed Indexed Annuities (FIAs)
Fixed indexed annuities link growth potential to the performance of a market index — such as the S&P 500 — while protecting the principal from market losses. When the index performs well, the account can grow beyond a fixed rate; when the index declines, the account does not lose value. FIAs typically include caps, spreads, or participation rates that define how much of the index's gain is credited, and these terms vary significantly by carrier and product. Scott compares these terms across the market before making any recommendation.
Lifetime Income Options
Many fixed and indexed annuities can be structured with lifetime income riders — optional features that guarantee a stream of income payments regardless of how long retirement lasts or what the account balance is at any given time. This is the mechanism that solves longevity risk: the concern that savings will run out before the end of retirement. Scott reviews whether a lifetime income rider is worth the added cost given your income needs and timeline.
Tax-Deferred Growth
Annuities grow tax-deferred, meaning you don't pay taxes on the growth until you begin taking distributions. For South Carolina residents building retirement assets, this deferral can allow more efficient accumulation over time — particularly when combined with SC's retirement income deduction at 65.
Legacy and Protection Features
Most fixed and indexed annuities include a death benefit that passes the account value to named beneficiaries, and many offer optional riders for additional protection or long-term income guarantees. These features vary by product and carrier — Scott walks through what's included and what comes at an added cost before you make any decisions.
Variable Annuities (For Comparison Only)
Variable annuities invest directly in market subaccounts and can lose value when markets decline. GROW Wealth Advisory Group does not offer variable annuities. Scott explains how they work so clients understand the full spectrum of annuity products and why fixed and indexed structures are the only options he recommends. If an agent is presenting a variable annuity as a primary retirement vehicle, that context matters.
Questions About Annuities?
Annuity Questions, Answered Plainly
What is a fixed indexed annuity in South Carolina?
A fixed indexed annuity is an insurance product that links your account's growth potential to a market index while guaranteeing that your principal cannot lose value due to market declines. Growth is subject to caps or participation rates set by the carrier, but you never lose money because the market dropped. For South Carolina retirees looking for more growth potential than a fixed annuity without the downside risk of a variable product, FIAs occupy that middle ground.
How do annuities work for retirement income in SC?
An annuity accumulates value during a growth phase, then can be converted into a stream of income payments — either for a set period or for life. Lifetime income riders allow the contract to continue paying even if the account balance is exhausted, which addresses the risk of outliving your savings. Scott structures the income phase around your specific retirement timeline and monthly income needs.
What's the difference between fixed and variable annuities?
Fixed annuities guarantee your principal and offer predictable growth. Variable annuities invest in market subaccounts and can lose value. GROW Wealth Advisory Group offers fixed and fixed indexed products only — Scott explains variable annuities so you understand the difference, but he does not sell them.
Are annuities a good option for South Carolina retirees?
For retirees who need predictable income, want principal protection, or are concerned about outliving their savings, fixed and indexed annuities can be a strong fit. They are not the right tool for every situation — Scott runs a retirement income analysis before recommending any product, and he'll tell you clearly if an annuity doesn't make sense for your goals.
Do annuities have fees?
Fixed and indexed annuities typically have fewer fees than variable annuities, but most products have surrender periods — windows during which early withdrawals trigger a charge. Optional riders such as lifetime income guarantees may also carry an annual cost. Scott walks through all terms and costs before you commit to anything.
Ready to Build a Retirement Income Plan That Lasts?
Scott works with pre-retirees and retirees across Charleston, Summerville, Dorchester County, Beaufort County, and the broader Lowcountry — in person in North Charleston and virtually for clients statewide. Consultations are free, and no product recommendation is made until your full retirement picture is on the table. For clients who want to explore investment and retirement strategy beyond annuities, Scott addresses that through the Cornerstone Wealth Advisory Group framework as well.
