Annuities: What is the best type to buy?
The Annuity Man
Let's me make this very clear, annuities are not for everyone...and that's coming from the #1 annuity selling agent in the country. Annuities are transfer of risk strategies that primarily solve for principal protection, income for life, legacy, and long term care/confinement care. The easy to remember acronym is P.I.L.L.
Notice that there is no "M" for market growth. In my opinion, if you want real stock market growth, you should NEVER buy an annuity of any type. I know that's not what you are going to hear from most advisors and agents, but deferred annuities that promise potential growth ALL have limitations on the upside or limitations on internal investment choices.
There are only 2 questions you need to answer to determine if you even need an annuity. 1. What do you want the money to CONTRACTUALLY do? 2. When do you want those CONTRACTUAL guarantees to start? That's it. It's that simple. From those 2 answers, we can determine if you even need an annuity....and if so, what specific type will provide the highest contractual guarantee for your specific situation.
Remember that annuities are commodities and annuity quotes are like a gallon of milk and expire every 7 to 10 days unless you lock them in during the application process.
Contact Stan The Annuity Man to get quotes on all annuity types and to use his proprietary annuity calculators. You can also schedule a one-on-one call and receive his 6 published Annuity Owner's Manuals for free and under no obligation and see a live feed of the best MYGA/Fixed Rates for your specific state of residence.