Dec 20, 2023
In this episode, The Annuity Man discussed:
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Why would you want to stop taking in income?
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Three types of irrevocable income lifetime income teams
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Light-switch Annuity Products
Key Takeaways:
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There’s a myriad of reasons why you would want to stop taking income, and there are annuity reasons that allow for this. One reason could be if tax laws change in the future and you want to shut down the income stream to not get taxed, or when you want the income to accumulate for your death benefit.
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The three types of irrevocable income lifetime income streams are Single Premium Immediate Annuity, Deferred Income Annuity, and Qualified Longevity Annuity Contracts.
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A Multi-Year Guaranteed Annuity is the annuity industry version of a CD. It allows you to take out interest while keeping the capital intact, and it’s a light-switch annuity product. Another light-switch product is an income rider attached to an indexed annuity.
"There are annuities that aren't light switch annuities: SPIAs, DIAs, and QLACs - but there are annuities that are light switch for income, MYGAS, and then income riders which are lifetime income products." — Stan The Annuity Man.
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Email: Stan@TheAnnuityMan.com
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