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MYGA Holders, which Annuity Broker did you use to buy it?
06-24-2022, 11:17 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
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MYGA Holders, which Annuity Broker did you use to buy it?
Today I applied for a 5 Year MYGA at 4.1% through BluePrint Income, it was seamless. I even called them to go over the process with me, they were most helpful.
I narrowed my choice of brokers down to BluePrint, The Annuity Man, and Immediate Annuities.
I am curious which other brokers members here have used for their MYGAs.
Thanks in Advance for the Info.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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06-24-2022, 12:59 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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I used Blueprint. I think the others are very good also. They pretty much all have the same products but the transparency on BI’s website clinched it for me. They show their commission and flag products that will be changing rates.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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06-24-2022, 01:38 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Aug 2021
Location: Northern NJ/ Jersey Shore
Posts: 1,050
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Quote:
Originally Posted by jazz4cash
I used Blueprint. I think the others are very good also. They pretty much all have the same products but the transparency on BI’s website clinched it for me. They show their commission and flag products that will be changing rates.
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Jazz, what commission do they assess/ charge on a MYGA? How much is it? Where is that paid from?
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06-24-2022, 03:06 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
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Update, Lots of feedback so far from Blueprint. Life is good.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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06-24-2022, 03:10 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2019
Location: Sunny California
Posts: 2,567
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Quote:
Originally Posted by Luvtoride
Jazz, what commission do they assess/ charge on a MYGA? How much is it? Where is that paid from?
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How does Blueprint Income get paid?
You don’t pay us, the insurance companies do! Blueprint Income is paid 1-5% of the income annuities purchased through our online annuities marketplace.
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06-24-2022, 04:04 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Quote:
Originally Posted by RetiredAndLovingIt
How does Blueprint Income get paid?
You don’t pay us, the insurance companies do! Blueprint Income is paid 1-5% of the income annuities purchased through our online annuities marketplace.
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Yep, it’s right in the details for each product. I don’t ever recall seeing a commission higher than 3% on any of the products I’ve reviewed….not that it matters since it is paid by the issuer.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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06-24-2022, 04:11 PM
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#7
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Recycles dryer sheets
Join Date: Feb 2014
Posts: 59
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I’ve used both Immediate Annuities and Blueprint. Blueprint is more online and Immediate is more phone and email. No issues with either.
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06-24-2022, 06:35 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,197
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I have used Blueprint and Fidelity reps.
__________________
TGIM
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06-26-2022, 06:40 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Aug 2021
Location: Northern NJ/ Jersey Shore
Posts: 1,050
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Quote:
Originally Posted by jazz4cash
Yep, it’s right in the details for each product. I don’t ever recall seeing a commission higher than 3% on any of the products I’ve reviewed….not that it matters since it is paid by the issuer.
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What difference does the commission paid by the insurance company to the agent/ broker make? I’m sure that’s reflected in the MYGA rates that each company is offering? As long as every dollar I put in is earning the promised rate, who cares about commission transparency?
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06-27-2022, 12:12 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
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Update: Today I got the E-Sign info and a pre-paid Overnight FEDEX label to send the cashish to the insurance company. I have 30 days to change my mind after the contract is written. Blueprint anticipate completion in 5 - 7 days.
This one was really a test to see how the process worked. A combination of Phone and On-line.
Not too bad, pretty seamless really. Only another 5 contracts to write then I am done ~$1m in MYGAs fully guaranteed by the Florida Guarantee Association.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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06-27-2022, 12:13 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,197
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Quote:
Originally Posted by Luvtoride
What difference does the commission paid by the insurance company to the agent/ broker make? I’m sure that’s reflected in the MYGA rates that each company is offering? As long as every dollar I put in is earning the promised rate, who cares about commission transparency?
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Agree.
__________________
TGIM
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06-27-2022, 04:49 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Quote:
Originally Posted by Luvtoride
What difference does the commission paid by the insurance company to the agent/ broker make? I’m sure that’s reflected in the MYGA rates that each company is offering? As long as every dollar I put in is earning the promised rate, who cares about commission transparency?
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I just like the transparency. It doesn’t make a difference as long as it is in the ballpark of similar products. If it’s unusually high, I’d consider if I’m being sold something because of the commission. Bear in mind there are providers that sell direct and should be able to offer higher rates. The ones I’ve seen dont pass all the savings to the buyer IMO.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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06-29-2022, 04:22 PM
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#13
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Full time employment: Posting here.
Join Date: Jan 2008
Location: Flyover America
Posts: 679
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I purchased 3 MYGAs via Stan the Annuity Man, seamless process. Highly recommend him.
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06-29-2022, 05:26 PM
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#14
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Full time employment: Posting here.
Join Date: Aug 2013
Location: New Jersey
Posts: 892
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With this year’s inflation rate over 8%, why would you lock in a low fixed rate annuity? Are you receiving payments on these annuities?
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06-29-2022, 05:39 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,183
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Quote:
Originally Posted by capjak
I purchased 3 MYGAs via Stan the Annuity Man, seamless process. Highly recommend him.
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I talked with Stan today, and have a call booked tomorrow to buy an SPIA.
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06-29-2022, 05:44 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 1,155
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Quote:
Originally Posted by Al18
With this year’s inflation rate over 8%, why would you lock in a low fixed rate annuity? Are you receiving payments on these annuities?
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Cash is king at the moment, and equity risk is off the charts high.
We're starting year 4 of ER, and I was able to pay for the first 3 years entirely with dividends from CDs.
MYGA rates are currently higher than any CD you can get. If INCOME is what you want, MYGAs are the way to go.
Personally, all I care about is income. I'm the past the stage of "needing" growth, but I sure need income. And predictable, guaranteed income sure beats selling assets that have dropped 20+%. That's not income.
Equity (and Bond) Growth is not assured, and in fact, as we've seen so far this year, you can easily wind up with huge drops in the value of your portfolio in a very short span of time.
Income is predictable and can be assured.
It's really just as simple as that. I'll take income any day of the week over RISK in the markets at this point in our retirement journey.
In fact, if we get back to SPX 4,800 or higher, I'll likely drop down to 10% equities or less, and 90+% fixed income with a guaranteed coupon. I don't really care that I'm "losing purchasing power" because the math works through end of life, as long as the income keeps coming in. And I'm not trying to get "more". I'm just planning to get "enough" to live comfortably, which predictable, guaranteed income facilitates.
ETA: it's odd that we build equity/bond portfolios with the goal of getting a 3-4% SWR yet entails taking huge risk. Anyone can get 3-4% GUARANTEED today with zero risk. Sure..that may not be the case 5 years from now..but 5 years from now wife and I will be both be pulling SS and can take more risk. But the risk now is off the charts high, AND I can GUARANTEE 3.5 - 4% SWR with no loss of principal. Pretty compelling, IMHO.
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06-29-2022, 05:44 PM
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#17
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Recycles dryer sheets
Join Date: May 2009
Location: Tampa
Posts: 209
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Quote:
Originally Posted by ShokWaveRider
Today I applied for a 5 Year MYGA at 4.1% through BluePrint Income, it was seamless. I even called them to go over the process with me, they were most helpful.
I narrowed my choice of brokers down to BluePrint, The Annuity Man, and Immediate Annuities.
I am curious which other brokers members here have used for their MYGAs.
Thanks in Advance for the Info.
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Hello, I have used Blueprint, Canvas and Gainbridge. All have been good. Blueprint has on that came out today for 4.5 percent 7 years. People keep on asking why lock in at a lower rate than inflation. It’s higher than a CD and insured by the state up to a certain amount. I based my retirement , which will come soon enough, on a 2.5 withdrawal rate. So 3.5 to 4.5 is ok for me. I have CDs coming due in the next year that are averaging about 3.1 so locking in at 4 or higher is a win for me. Good luck.
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06-29-2022, 05:48 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 1,155
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I've used FIDO and Blueprint. My first Blueprint purchase did not go well, unfortunately. It wasn't entirely Blueprint's "fault" and seems to be more the carrier was just slammed with applications and took over a month (!) to open our account. Regardless, I did get the impression BP doesn't have the "pull" that FIDO does to work through problems and issues with the carriers when they arise.
I plan to give them a second chance and hopefully things will go better this time. But the first round with BP was very challenging compared to FIDO who got things done in days vs more than a month..
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06-29-2022, 06:11 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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I’d guess it’s the premo providers that Fido works with. There’s very little that Blueprint does that could delay issuance. Maybe they forget a form that a particular insurer requires. They generally lock your rate at application but you’re not earning anything until they process the app. With rates going up it could workout in your favor. It did for me.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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06-29-2022, 06:56 PM
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#20
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Full time employment: Posting here.
Join Date: Aug 2013
Location: New Jersey
Posts: 892
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I understand the fixed interest concept - I have a few years of basic living expenses in CD. I don’t understand how you are receiving payments. I saw a 100k, 10 year MYGA where you could withdraw about 10.5K per year. Or you could not withdraw anything and have 158K at the end of year 10. A 58K LTCG looks hard to manage your taxes.
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