(BPT) - From mobile deposits to apps that transfer money in the blink of an eye, financial technology (or fintech) is disrupting the financial marketplace in new ways. The latest example is an innovation in the annuity marketplace that expands online access to a conventional retirement product, offering a smart tool for savers, even those years out from retirement.Traditionally, people have thought of annuities as set-it-and-forget-it insurance products designed to supplement retirement income. The idea was to leave your money in the annuity and then eventually receive steady payouts over time, but there was the potential for harsh penalties if you withdrew your money early. But not all annuities are the same. Now, there's a new type of offering — a short-term fixed annuity you can buy directly online — that provides a new option for saving.These fixed deferred annuities are brought to you by Gainbridge, a new savings platform that offers streamlined, simplified annuities with clear fees, terms and conditions. These products, as an addition to a well-rounded financial plan, provide straightforward, high-yield, simplified growth without the complexity traditionally associated with annuities.The business offers fixed deferred annuities that can be withdrawn as a lump sum or as a stream of payments at the end of the investment period. Here’s how it works:

• Smart returns: Customers earn higher interest rates (3.75% — 4.00% as of September 2019) because the company eliminates complexity and maximizes efficiency by offering products that are simple, intuitive and backed by smart and secure technology.
• Investment terms from three to 10 years: Customers can pick their investment period to lock in a guaranteed fixed rate. At maturity, they can choose to renew the annuity for another term or withdraw their investment as a lump sum or as a stream of monthly payments for five to 10 years.
• The power of compounding: Since deferred annuity returns are taxed only when withdrawn, investors benefit from a three-times compounding effect: interest on the initial investment, interest on earned interest, and interest earned on money that would’ve gone to taxes if that money had been invested in a product that’s immediately taxable, like a CD or high-yield savings account.
• Access to your money: High rates are offered with the expectation that investors will maintain their contract for the entire investment period. But life happens. Investors can withdraw up to 10% of their account value every year, after the first year, without penalty. New investors can cancel their contract up to 30 days after purchase with no fees or questions asked.
• Peace of mind: These annuity rates aren’t subject to the market’s ups and downs – your rate is guaranteed, ultimately giving customers peace of mind and principal protection compared with investments in stocks, bonds or mutual funds.

Fixed deferred annuities can be a great savings tool if you’re approaching retirement or a bit further out and focused on accumulation. You should know that if you withdraw funds at an age younger than 59 and 1/2, you may face IRS penalties of 10% on your earnings (not on your principal). Many investors find this does not create a significant dent in the interest they earn.Now available in 23 states, including AZ, CT, DC, FL, GA, IL, IN, MA, MD, MI, MN, MO, NC, NJ, NV, OH, OR, PA, TN, TX, VA, WA, and WI, Gainbridge was developed by Group1001, a family of companies striving to make investment products more useful and intuitive for everyone and the official sponsor of the Indy 500. An annuity is a steady way to grow your money — whether you need it in just a few years or much further down the line. If you’re looking to invest for three or more years, it offers more flexibility and better rates than CDs, smart tech that puts the power back in the hands of the consumer and a guaranteed way to balance risk in a portfolio. All without the usual fuss and hidden fees. Find out more by visiting https://gainbridge.life.The Gainbridge multi-year guarantee and immediate annuity products, form numbers GB-SPIA-01 and GB-MYGA-01, respectively, or variations of such, are issued by Guggenheim Life and Annuity Company (d/b/a Guggenheim Life and Annuity Insurance Company in California; NAIC#83607) ("Guggenheim Life"), a Delaware-domiciled insurance company with its principal office in Indianapolis, Indiana. Gainbridge annuities and/or certain features may not be available in all states. Guggenheim Life is currently licensed and authorized to do business in 49 states (all states except New York), the District of Columbia and Puerto Rico.Investing tips for smart and steady growth