Best FIA Product for 55 Yo Retiring in 10 Yrs

[jrninmn]

New to the forum and have found these threads very enlightening.

I am looking for a FIA with a lifetime income rider. My amount to invest is 50K, I just turned 55 and am planning to retire and draw income from this annuity at age 65. I live in MN. Other than maximizing my income at retirement, I am not really concerned about any other features. A friend at work is steering me toward the Allianz 222, but I would certainly welcome all thoughts and possible recommendations.

 

[DWPCL]

Bonus Gold from American Equity is probably going to give you the most bang for your buck.

You can attach an income rider to guarantee a 7% growth to your income base for 10 years.

 

[jrninmn]

Thanks DWPCL. I have seen a lot of positive comments about that product. I am assuming that the 7% is compounded, which would roughly double the income account in 10 years. I noticed that a couple of other products from Athene and American General offer riders that also double the income account in 10 years. What do you feel are the advantages of the AE product over the Athene and AG products? Thanks again.

 

[bps]

You might want to look at AE's Choice series. Bonus Gold has a 10% Bonus which Choice doesn't. Both roll up at 7% (Income Account Value) so the 10% will increase the income payout a small amount. However, the Choice Series will have a shorter surrender period and offer much better caps. Even if you're after income, don't disregard the Cash account.

 

[Tahoe Ray]

You might want to look at AE's Choice series. Bonus Gold has a 10% Bonus which Choice doesn't. Both roll up at 7% (Income Account Value) so the 10% will increase the income payout a small amount. However, the Choice Series will have a shorter surrender period and offer much better caps. Even if you're after income, don't disregard the Cash account.

AG has had similar performance to Choice, provides the doubler, and also comes on a 7 year chassis.

To the OP, you really need to balance what you're trying to do. Are you just looking for the most guaranteed income possible or is actual account growth important too?

What about looking at some products that combine the two (minimum income guarantees with performance stacked on top)?

There is a lot to consider and it really comes down to your goals/risk tolerance.

Both solid options, though.

 

[DWPCL]

The OP said he was interested in maximizing his income and was not interested in other features. Bonus gold will give him the maximum amount of guaranteed income.

I love the choice series btw, it just wont do what he wants.

 

[Tahoe Ray]

The OP said he was interested in maximizing his income and was not interested in other features. Bonus gold will give him the maximum amount of guaranteed income.

I love the choice series btw, it just wont do what he wants.

Then he/she should just buy a DIA from NYL and call it a day..........

 

[DWPCL]

Then he/she should just buy a DIA from NYL and call it a day..........

How much income does a DIA spit out for a 55 year old putting in 50k and deferring 10 years?

 

[HealthGuy]

Then he/she should just buy a DIA from NYL and call it a day..........

what's a DIA forgive me I don't know

 

[Cash]

what's a DIA forgive me I don't know

Deferred Income Annuity...