What Are the Best Annuities for Senior Citizens?
The Annuity Man
Senior citizens, retirees, baby boomers, or whatever you want to call our older population of Americans are the target of many annuity sales pitches. The "bad chicken dinner seminar" or "expensive steak seminar" marketing tactic is targeted directly at senior citizens in a bait and switch attempt to convince them to buy a high commission annuity type.
With over 10,000 baby boomers retiring every single day, most retirees and senior citizens are looking for contractual guarantees or a lifetime income stream to supplement their current Social Security payments. Not every senior needs to transfer risk with an annuity contract, but many do. So it's very important for people to fully understand the benefits and limitations of all annuity types, and which specific type best fits their situation.
There are only 2 questions to ask to determine if you need an annuity, and if so, what type. 1. What do you want the money to CONTRACTUALLY do? 2. When do you want those CONTRACTUAL guarantees to start? It's that simple. From those 2 answers, we can then determine what type (if any) that can contractually solve for your specific situation.
Annuities, regardless of type, should be owned solely for their contractual guarantees. Never make a buying decision on hypothetical, theoretical, projected, back-tested, or hopeful agent return scenarios. Own the annuity for what it WILL DO, not what it might do.
You can contact Stan if you have any questions or want to see annuity quotes for your specific situation or to view a live feed of the best MYGA fixed rates for your state of residence.