IT'S YOUR RETIREMENT...
WHAT KEEPS YOU UP AT NIGHT?
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Frequently Asked Questions?
CAN I LOSE MONEY WITH A FIXED INDEXED ANNUITY?
Immediate, fixed and fixed index annuities are guaranteed by the insurance company that issues the contract. Your principal is protected by the claims paying ability of the insurance company. Insurance companies are required by law to maintain a minimum of $1.00 for every dollar deposited. If you deposit $1,000,000 into an Annuity the Insurance carrier must maintain $1,000,000 in a seperate escrow account used to pay claims. That money matching your deposit can not be used for any purpose other than paying you back should the need arise. Of course, if you take excess withdraws from your account it may result in surrender charges and if you are under the age of 59 1/2 and make withdraws on a tax qualified account such as a traditional IRA, you are subject to additional IRS tax penalties.
WILL I PAY A LOT IN ANNUAL MANAGEMENT FEES ON MY ANNUITIES?
Unlike Variable Annuities, which have an investment feature (and have fees that can get as high as 4 - 8% as seen in our experience), the annuities that we use maximize your retirement and do not have any on going management fees for the base contract. We do offer some plans that have low fee's for additional riders that you may choose. Fixed or fixed index annuities are built with a pricing structure, that protects you, so that you don't suffer high added fees and costs each year. This is the advantage of fixed annuities over variable annuities. When you hear about how bad annuities are, you'll come to understand the variable annuities are being referred to. People often generalize and lump all annuities as being bad. We recommend that our clients, stay away from Variable Annuities.
WILL MY CASHFLOW FLUCTUATE WITH RETIREMENT ANNUITIES?
Fluctuating means that your income can swing up and swing down from month to month, or from year to year depending on how you set up how you receive your checks. We often use the slang term that these are pension annuites. The reason we say that, is because with the annuities that we set up and the strategies we recommend. Your income can only go up to provide a hedge against inflation and potentially go up due to index-linked interest rate increases. For each year that you wait to turn on your income, your income increases. Once you start taking income, your cash flow will not decrease (just like your income does not go down with a pension). Therefore you are can count on the income being there when its needed. You'll sleep better at night when not worrying about your income.
WILL WE BE ABLE TO KEEP OUR ANNUITY INCOME IF ONE OF US BECOMES ILL OR PASSES AWAY?
There are many annuities with additional riders that have waivers for terminally ill or premature death situations. There are annuities that may provide double or even triple your income for qualifying healthcare expenses. Many annuities or additional riders offer death benefit provisions as well. A well researched annuity strategy designed for your specific goals is the only way to go. It's what we do!
CAN THESE ANNUITIES PROVIDE ME WITH INCOME FOR THE REST OF MY LIFE?
All annuities offer annuitization options that provide lifetime income. Also, with a Fixed Index Annuity, you can select the option to purchase a more flexible lifetime income contract which gives you not only income you can’t outlive but allows you to maintain control over your money. Some are structured that way, some add this feature through a rider for an additional cost, but yes, the annuities we work with and strategies we design with you offer an income-for-life benefit.
DOES MY RETIREMENT INCOME HAVE THE POTENTIAL TO GROW AND KEEP UP WITH INFLATION?
This is something people often don’t think about, but we do. With our retirement annuity strategies, we leverage annuity features and riders to help ensure our clients’ income grows as the cost of living increases. We want you to retain the purchasing power of your money.
WILL I COMPLETELY LOSE ACCESS TO ALL MY MONEY?
You do not have to annuitize. You want to make sure you select the right annuity type and features for your own unique situation, but many offer up to a 10% annual withdrawal without penalty (as long as your over 59 1/2 – otherwise you incur a tax penalty) and you do have the ability to get more (or all) but you’ll pay a surrender charge. (Please note that the annuity you purchase will probably have a penalty period for the first three to 15 years, with a sequentially decreasing percent charged against your withdrawal funds for excess withdrawals or full surrender of the contract. So you should not purchase an annuity with money you think you may need in the near term.)
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