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I'm new to this site, so please bear with me. I have a very basic question-- is there a reputable annuity product available that does BOTH of the following?
1. Guarantees a minimum monthly lifetime income, starting now;
2. Provides higher income if the stock market does well.
My situation is this. I just retired at 54. Part of my 'nest egg' is my $300k employer pension, which I want to put into a single life annuity that generates immediate monthly income for life.
I can do this through my employer and receive $1,700/mo for life, which is based on a 5.0% interest rate assumption.
However, my 'prospective' financial planner (I haven't signed on with him yet) says I can do better than this. He says there are annuity-like products that will guarantee me the $1,700/mo. for life AND provide upside potential tied to the performance of the stock market. There's a fee for the minimum guarantee, but he says net-net I will still be better off with these products.
I have been unable to find such a product on the web. The closest I've found are "equity indexed annuities", but its not clear that they're available as an immediate annuity, or that their guaranteed minimum payout would match my employer's $1,700, or that the minimum guarantee is for life.
Are any of you familiar with a product that would give me a guaranteed lifetime minimum that matches or beats my employer's, plus a potential upside if the market does well? (I realize there may be tax implications, but I'll deal with those separately).
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