Guaranteed* Income Annuity Benefits
Annuities come with many benefits. One of the key benefits of a guaranteed* income annuity is income for life. Now, how does that work? Well, one way to get this is using a fixed indexed annuity. A fixed indexed annuity is a contract with an insurance company, in which the company agrees to make payments to you at specific intervals. Retirees put money in, allow it to grow, and then typically begin receiving payments at the age of 60. You could wait longer than that to begin receiving payments, and you may be rewarded for this with larger payments.
Using an Income Rider on
your Fixed Indexed Annuity
You can arrange ongoing income payments for yourself with a fixed indexed annuity. The payment is typically a fixed withdrawal amount, although you might also have the option of using an income rider. With an income rider, your payments increase with inflation and other costs. So in other words, your guaranteed* income annuity may be set up to have a pay raise for you. This is a way to help retirees manage increases in living expenses, medical costs, and other issues.
Now, there are some limitations to income riders. Be sure to understand and learn about not only the upsides but the potential downsides that come with them. The team here at Safe Harbor is here to help educate you on how different insurance products will impact your unique financial situation.
After Your Lifetime Benefits
You might be able to leave your annuity value to your spouse or other designated person after you pass away. Some annuities provide a death benefit as well. You might be able to take advantage of this, even if you’ve taken income payments during your lifetime. Some retirees, for instance, plan on leaving income for their spouse from an FIA after they pass on. Others choose lump sum payment options. Whatever you choose to do, we’re here to help guide you.