Annuities are not a one size fits all, not for everyone. I should know because I'm "America's Annuity Agent." Even though every U.S. citizen already owns an annuity (whether they know it or not), you have to make sure that a consumer annuity is suitable and appropriate for your specific situation.
Oh by the way, that annuity that every U.S. citizen owns...it's called Social Security. Yes, Social Security is the best inflation annuity on the planet. Annuities are the only financial product that pays an income stream regardless of how long you live. Social Security is a lifetime income guarantee as well. 2 + 2 = 4. Social Security is an annuity. My apologies to all of you "annuity haters" out there that didn't know you already owned one.
The annuity industry has established best practices during the application process to determine if an annuity is suitable and appropriate before approving the purchase. There are many rules and guidelines in place to make sure that you are not putting too much money into an annuity strategy, and if it's in your best interest.
From a safety standpoint, annuities are rated by 4 primary services. AM Best. Standard and Poors. Fitch. Moody's. In addition, I offer COMDEX rankings as well that is an easy to understand 1 to 100 score that ranks carriers from a financial safety and claims paying ability standpoint.
In this episode, The Annuity Man discusses:
- The five safest places to put your money
- How fixed annuity types are safe transfer of risk strategies
- How to determine if a carrier is safe
- Ways in which the annuity industry protects the consumer
- Always solve for the desired contractual guarantee
- Look at the carrier’s ratings, COMDEX score, and financials
- Use the NOLHGA site to verify your state’s guarantee coverage limits
- Take advantage of the annuity “free look” provision if needed
Fun with Annuities Podcast is hosted by America’s Annuity Agent, Stan Haithcock, The Annuity Man. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle. Listen in on how you can be livin’ the reality, not the dream.
Listen on Stitcher, Apple Podcasts, and Spotify. Get the best and highest confinement care and enhanced benefit quotes using Stan's proprietary annuity calculators. You can also receive all 6 of The Annuity Man Owner's Manuals for free and under no obligation and see a live feed of the best fixed rates for your specific state of residence.