Jan 4 2023
What To Know When Gap Filling Your Income: Shootin' It Straight With Stan
In this episode, The Annuity Man discussed: Income gap-filling strategies The period certain immediate annuity Multi-Year Guaranteed Annuities When should you take social security? Key Takeaways: Social security is the best inflation annuity on the planet. If you’re looking for strategies to fill the income gap between ages 63-70, 65-70, or 62-70, there are two contractual ways to do it. Buying a period certain immediate annuity means that the annuity company, instead of paying you for a lifetime like most people buy immediate annuities for, you will be paid monthly for however many years you’d choose. It could be five years, seven years, or ten years, depending on the carrier. The other way to do this gap filling is with a MYGA, a fixed rate annuity, the annuity industry’s version of a CD. It would require you to have a little bit more money to pull this off, but if you could, the strategy revolves around never touching the principal and just living off the interest. You are the one who decides when to take social security. You can take it early or at the recommended age of 70, but you would have to factor in the 60 months of payments you miss while waiting for that higher rate. "I'm hitting you in the forehead with the factual two by four of hey, it might be time to take care of you. It might be time to turn on the income; it might be time to go live your life, it might be time to stop trying to squeeze oil out of the brick." — Stan The Annuity Man Connect with The Annuity Man: Website: http://theannuityman.com/ Email: Stan@TheAnnuityMan.com Book: Owner’s Manuals: https://www.stantheannuityman.com/how-do-annuities-work YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!