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Annuities
Understanding Fixed Income Annuities with Lifetime Income Options and MYGA
Securing Your Financial Future with Fixed Income Annuities
Planning for retirement can be overwhelming, but with the right financial tools, you can achieve the peace of mind you deserve. Fixed income annuities, including Multi-Year Guaranteed Annuities (MYGA) and lifetime income options, are powerful solutions designed to provide consistent, predictable income throughout your retirement years. At Live Well, we specialize in helping you explore these options to ensure a stable and secure financial future.
What is a Fixed Income Annuity?
A fixed income annuity is a financial product that allows you to convert a lump sum of money into a guaranteed stream of income. These annuities offer predictable payments, which can be especially beneficial in retirement when you need a reliable source of income to cover living expenses, healthcare costs, and more.
There are different types of fixed income annuities, but Fixed Annuities with Lifetime Income Options and Multi-Year Guaranteed Annuities (MYGA) are among the most popular for individuals seeking stability and long-term security.
Benefits of Fixed Income Annuities with Lifetime Income Options
Choosing the right Medicare plan depends on various factors, including your healthcare needs, budget, and personal preferences. Here are some tips to help guide your decision:
1
Guaranteed Lifetime Income
One of the most appealing features of fixed income annuities with lifetime income options is the guaranteed lifetime income they provide. This means that no matter how long you live, your annuity will continue to pay you a consistent income, giving you financial security throughout retirement.
2
Predictable and Stable Income
Fixed income annuities offer fixed, predictable payments, allowing you to budget confidently for the future. Whether you need monthly or annual income, you can rely on these payments to meet your financial needs without worrying about market
3
Protection Against Market Risk
Unlike other investments that are subject to market fluctuations, fixed income annuities provide a safe, stable option. This makes them an ideal choice for individuals who want to protect their retirement savings from market downturns and ensure a steady income stream.
4
Customization to Your Needs
Lifetime income options can be tailored to suit your needs. You can choose from various payout options, such as single-life or joint-life annuities, depending on whether you’re planning for just yourself or for a spouse as well.
What is a Multi-Year Guaranteed Annuity (MYGA)?
A Multi-Year Guaranteed Annuity (MYGA) is a type of fixed annuity that offers a guaranteed interest rate for a set period (usually between 3 to 10 years). MYGAs are often chosen for their higher initial interest rates compared to traditional savings accounts or CDs, making them an attractive option for those looking to grow their retirement savings without the risk of market exposure.
Benefits of MYGA
1
Higher Interest Rates
MYGAs often provide higher interest rates than other fixed-income products, making them an appealing option for individuals looking to grow their retirement savings. The longer the term, the higher the interest rate, which can result in more significant growth for your initial investment.
2
Safety and Security
Like other fixed annuities, MYGAs provide safety of principal, meaning you won’t lose your initial investment due to market downturns. This guarantees you a steady return over the term of the annuity.
3
Flexibility at the End of the Term
At the end of the MYGA term, you can choose to either cash out the accumulated value or roll it into another annuity or financial product. This flexibility allows you to adapt your strategy based on your financial goals at that time.
How Fixed Income Annuities, Lifetime Income Options, and MYGAs Work Together
When you combine a fixed income annuity with lifetime income options and a MYGA, you create a well-rounded, secure retirement plan. For example:
You could invest in a MYGA to grow your savings over the next 5-10 years at a guaranteed interest rate.
When you retire, you can convert your MYGA into a fixed income annuity, providing you with a predictable income stream for life.
This combination allows you to take advantage of both growth potential through MYGAs and the stability and income security of lifetime fixed annuities.
Why Choose Live Well Benefit Advisors for Your Annuity Needs?
At Live Well Benefit Advisors, we understand the importance of securing your financial future. Whether you’re looking for guaranteed lifetime income, a Multi-Year Guaranteed Annuity, or a fixed income annuity that fits your retirement goals, we offer personalized advice and solutions tailored to your unique situation.
Our experienced team will help you navigate the complex world of annuities and ensure you choose the best option for your needs. We are committed to helping you live well by providing the tools and guidance necessary for a comfortable and financially secure retirement.
Get Started Today
Ready to learn more about fixed income annuities with lifetime income options and MYGAs? Contact Live Well Benefit Advisors today to schedule a consultation. Let’s work together to secure your financial future.
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Disclaimer:
We do not offer every plan available in your area. Currently, we represent 0-10 organizations which offer 0-272 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Assistance Program (SHIP) to get information on all of your options.
Interest and other guarantees in an annuity are subject to the claims-paying ability and financial strength of the insurance carrier that issues the product. Annuities are long-term vehicles. Many have surrender charges over many years, and withdrawals from an annuity prior to age 59 ½ may be subject to a 10% tax penalty.