Create Retirement Income with Immediate or Deferred Income Annuity

U.S. workers are concerned that they will run out of money in retirement, and for good reason. The Insured Retirement Institute asked Baby Boomers if they were confident that they would have enough money to carry them through retirement and only 27% answered that they were very confident. This information comes from Money Magazine’s “3 Ways to Boost the Odds Your Savings Will Last a Lifetime,” by Walter Updegrave(1). People are living longer, saving less and dealing with potentially low... Read More

Issues Regarding the Use of Longevity Annuities as QLACs

The government supports longevity annuities as important retirement income planning tools.  Multiple regulations last year made it easier and more beneficial to use these types of annuities within employer-sponsored defined contribution plans.  It's been about a year since the Treasury Department and IRS started allowing longevity annuities to be used as QLACs within defined contribution plans.  Last fall, the government changed regulations to allow QLACs to be included in target-date funds... Read More

Deferred Income Annuities Can Lower Retirement Planning Costs

Consumers and retirement plan sponsors alike are always looking for ways to lower the cost of funding retirement.  A new paper by Michael Finke and Wade Pfau says that deferred income annuities used in retirement planning can do just that.  This information comes from Insurance News Net's article "New Academic Research Finds Deferred Income Annuities Reduce Overall Cost of Funding Retirement."  Wade Pfau is a Professor of Retirement Research at American College.  Michael Finke works at... Read More

Annuity Choices Aren’t As Simple As They Used To Be

When annuities were first introduced back in Roman times, there was one kind and it was very simple.  The single premium immediate annuity (SPIA) paid you lifetime income after a one time payment to an insurance company.  There are now tons of different annuity products and options from which to choose.  New annuities offer benefits that you couldn't get before they were introduced, but the simplicity is lost with the added choices.  In Insurance News Net's article, "Annuities: More... Read More

Defaulting 401k Savings Into Annuities Is A Possibility in the Future

Forbes Magazine's Ashlea Eberling recently asked the question "Should Employers Default Workers 401(k)s Into Annuities?"  It's a difficult topic to approach because people are not usually receptive to being told what to do or being forced to put their money somewhere.  But many people have mentioned the idea of defaulting some of workers' 401k savings into an annuity that would provide them with lifetime income upon retirement.  Workers could of course opt out of this default, but would they... Read More

Annuity Benefits Match Consumer Wants, But Education Is Needed

TIAA-CREF conducted a survey earlier this year of 1,000 Americans called the 2015 Lifetime Income Survey.  Insurance News Net's Linda Koco summarized the recently released findings in the article "People Want Lifetime Income But Don't Know Annuities."  Having guaranteed monthly income in retirement is important to 84% of those surveyed, but only 14% have bought an annuity to secure that income.  Aside from a pension, which most people don't have, and Social Security, which is rarely enough... Read More

Criteria for Evaluating Guaranteed Minimum Income Benefit Annuities

When evaluating the numerous guaranteed minimum income benefit GMIB annuity products on the market, Annuity FYI looks for a) features of the rider itself; b) the quality of the core annuities to which the rider may be applied; and c) the company issuing the annuity.Criteria we use in evaluating the rider are:A high guaranteed compounded dollar-for-dollar worst-case guarantee during the deferral period (e.g. 6%). Rider fees. Ability to reset your riders to the highest anniversary... Read More

No-Surrender Annuities

Most annuities allow you to withdraw either your interest earnings or up to 15% per year without a penalty. If you want to withdraw more than this, most annuities have a surrender charge -- a penalty for making an early withdrawal above the free withdrawal amount. Typically this surrender charge decreases over a period of time, such as seven years.For investors who may need spur-the-moment access to their money, there are annuities without surrender charges (“no-surrender” or “level... Read More

What’s A No-Load Annuity?

No Commission Fees First, let’s talk about no-load investments in general. A no-load investment is one in which the investor is not charged a commission fee -- like a no-load mutual fund. Certain insurance companies offer “no-load” variable annuities, which are sold directly to investors and do not require commissioned sales people or brokers (but can often be purchased through brokers).Low Annual Expenses Now don’t think that just because a variable annuity is “no-load” there... Read More

Lifetime Income Benefit Provision

Annuity FYI Overview Variable annuities come with a host of optional features that you can select for an additional annual fee. One increasingly popular type of variable annuity feature is the lifetime income benefit provision (LIB).The concept behind a Lifetime Income Benefit is simple. If you purchase a Lifetime Income Benefit Rider with your variable annuity, the insurance company guarantees a regular monthly, quarterly, or annual payment for your lifetime, even if your account... Read More

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