Great info! Would love to see you explore a scenario in a similar manner comparing a leading MYGA, Fixed Index Annuity and Income Annuity to see how they contrast and compare.
If you are still working and will be in a lower tax bracket at retirement, then a MYGA that matures when you retire will defer all the taxes on the interest until you are in a lower bracket! In the example, one could buy the MYGA and in 10 yrs have $344,000 guaranteed to roll it into a SPIA then, and I imagine get a higher annual payout than the income annuity.
Great video. Question for future planning. If the annuities do not accept people at age 85, 87, then what are the strategies after that? For estate planning, nursing home planning, to leave to heirs? Hopefully CD's and high yield savings account the only options after that? Under the mattress?
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Great info! Would love to see you explore a scenario in a similar manner comparing a leading MYGA, Fixed Index Annuity and Income Annuity to see how they contrast and compare.
If you are still working and will be in a lower tax bracket at retirement, then a MYGA that matures when you retire will defer all the taxes on the interest until you are in a lower bracket!
In the example, one could buy the MYGA and in 10 yrs have $344,000 guaranteed to roll it into a SPIA then, and I imagine get a higher annual payout than the income annuity.
Right on. You are in control of the year you recognize income (tax deferred interest). Roll it into a SPIA and spread the tax over your lifetime.
Great video. Question for future planning. If the annuities do not accept people at age 85, 87, then what are the strategies after that? For estate planning, nursing home planning, to leave to heirs? Hopefully CD's and high yield savings account the only options after that? Under the mattress?
If you buy an annuity before 85, you can keep it until you die.