Originally Posted by Midpack
Good points. To the first, I would get updated annuity prices at least annually as it won't be a smooth curve at all.
Actually, they change every week. When were were in the process of purchasing our first SPIA, we got a call the same day we returned (via overnight) the application to Fidelity (the SPIA provider).
They wanted us to know that the rates had changed, and they had another company (Fidelity acts as the clearinghouse for several SPIA providers) that had changed their return by a fraction of a percent.
They sent the new application data overnight and distroyed our first application.
SPIA rates are just like mortgages; they can turn in an instant...