Apr 26, 2023
In this episode, The Annuity Man discusses:
Not everyone needs an annuity
MYGA to SPIA
Who should get a deferred income annuity?
The highest contractual guaranteed income rider
Many of you out there don’t need an annuity right now, but when you need income, buy an immediate annuity by shopping all carriers and looking for the highest-yielding guarantee.
The second way is called MYGA to SPIA. This is where you buy a five-year MYGA which gets a guaranteed interest rate. Then, at the end of the term, shop all immediate annuity carriers and do a non-taxable transfer into the highest-paying immediate annuity.
Getting a deferred income annuity is the best for people who couldn’t care less about markets and want to lock and load a lifetime income stream with an option to ladder it.
An indexed annuity or variable annuity, in most cases, has the highest contractual guaranteed income riders. You can’t cash it in, transfer it or send it back, but the income rider can still be toggled on or off depending on your preferred timing. If you need a bit more flexibility in your time, maybe an index annuity with an attached income rider fits you.
"There's four ways to get there using annuities. None of the four are better than the other. — Stan The Annuity Man.
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