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A SPIA is the only type of annuity I would ever buy. The others are complicated, have the highest fees (mostly hidden) and pay the sales person who sells it to you the highest commissions. That reason alone made me skeptical. I bought my SPIA's (I spread them between two companies) when I retired. Interest rates were better then so I'm getting a decent return. The payments are mostly tax free because they were purchased with after tax money. Only the portion they consider gains are included on my return.
I'll have my entire investment back in another five years. The insurance companies will continue making my monthly payments for the rest of my life. I am debt free so the payments plus SS more than cover my basic living expenses. It's comforting to know those payments will always be there no matter what the market does. I'm just now starting to withdraw from my IRA RMD's only because I am required to.
I'll have my entire investment back in another five years. The insurance companies will continue making my monthly payments for the rest of my life. I am debt free so the payments plus SS more than cover my basic living expenses. It's comforting to know those payments will always be there no matter what the market does. I'm just now starting to withdraw from my IRA RMD's only because I am required to.