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The above estimate and other rates on this website are based on patent-pending Go2Income market-based pricing methodology assuming source of premiums are non-qualified savings. For a Current Annuity Quote and information for qualified savings Talk to a Specialist.

 

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Downsized Home

  • Situation: Max and Elaine (both age 75) were living on Social Security and the interest (only $400 per month in the current market) on $500,000 in CDs and savings. Because they needed more income due to increasing expenses, and were now paying more to maintain their property, they were concerned about running out of money.


    Solution: They decided to sell their mortgage-free home for $700,000 and move into a local condo community (for which they paid $400,000). They used the $300,000 difference to purchase a Joint and Survivor Annuity giving them guaranteed monthly payments totaling over $21,000 per year as long as either one of them is alive. Those two decisions increased their cash flow by nearly one-third, and reduced their monthly living expenses.

Increased Cash Flow

  • Situation: Frank, a widower age 65, planned on retiring with income from his pension, Social Security, and interest on his savings. He’s now getting less than 1% per year on his $250,000 of bank savings. He has reached the mandatory retirement age at his place of employment, and has not been able to find full or even part time work. He is in good health, and is afraid that by taking drawdowns from his savings, he will run out of money. He also wants to leave his home to his children.


    Solution: By purchasing an annuity with $200,000 of his savings, he increased his monthly income from this source by nearly 6 times – to over $13,000 per year. He elected a Life with 100% Refund Annuity and still has liquidity in case of an emergency.

Retired With 401(k) Balance

  • Situation: Sue, age 60, accumulated nearly $400,000 in 401(k) savings by following some basic investment rules. Translating those savings to regular income is more difficult, and she did not get a lot of help from her Human Resource department on what annuity option, if any, she should select. She plans to delay taking Social Security until she is 70.


    Solution: She rolled over her 401(k) balance to a Rollover IRA account where she could gradually convert her savings into Guaranteed Income. At the start, she allocated 30% to a 10 year Fixed Period annuity, and retained the balance in a low cost diversified portfolio of mutual funds. That takes her to age 70 when her higher Social Security payments begin. Sue can expect around $14,000 a year in guaranteed income from her Rollover IRA Account.

Received Inheritance

  • Situation: Al and Rhoda, both age 55, unexpectedly received a $1 million inheritance from Rhoda’s uncle. They were still paying their children’s college expenses. They wanted to invest this windfall conservatively but also wanted some additional cash flow to fund one or two big vacations each year. Rhoda would like to also take early retirement.


    Solution: They took 25% of the inheritance ($250,000) and purchased a 10-year Fixed Period annuity paying them nearly $30,000 per year. After the college expenses are paid off, Rhoda can retire. They will consider, based on their continued good health, a future purchase of a lifetime annuity when Al retires.

Has a Tax Problem

  • Situation: Jack, a widower age 70, had a 15-year old deferred annuity that has grown from $40,000 to about $80,000. His children are the beneficiaries. Recently he learned that at his death, the $40,000 gain is taxable at full ordinary income tax rates, while the value of his condo passes without tax. Jack wants to avoid that tax problem, and having recently stopped working, to comfortably remain in his condo and someday pass it on to his children. To do that, he needed extra money each month.


    Solution: He decided to exchange his deferred annuity tax free for a Life with Refund Annuity, generating a guaranteed income check of about $450 each month. Now he can live in his condo for the rest of his life, knowing if he dies before the $80,000 has been paid out to him (about 13 years), his children will receive the balance remaining from the $80,000 refund guarantee. His children will still inherit the condo.

Newly Widowed Needing Help

  • Situation: Betty, now age 73, always depended upon her husband for the management of their finances. He recently died and she now has to assume that financial management role. She wanted to remain in the home they built and owned together for over 30 years, which has no mortgage. While her husband was an investor, she has neither the skills nor the patience to assume that role. Her financial assets total about $700,000 in savings.


    Solution: Betty took half of her savings and purchased a Life with 100% Refund Annuity that pays her over $26,000 per year. Together with Social Security that means she has over $50,000 of income each year. The balance is invested in a combination of money market and equity mutual funds.

Recently Sold Business

  • Situation: Bill, now age 54, is planning to retire at age 65. He has just sold an interest in his business for $200,000, with plans to sell the rest in another 10 years. He devotes all of his energy to his business and considers the business as a “high risk” part of his retirement savings. He doesn’t want to take risk on the $200,000 he just received.


    Solution: Bill took the $200,000 and purchased his own personal pension. It was a Deferred Income Annuity that guaranteed him an income for life of about $22,000 starting at age 65. He now feels much more focused on his business knowing he has this safe annuity investment in place.

Concerned about Outliving Savings

  • Situation: Francine, age 70, is beginning to take distributions from her Rollover IRA, and is also receiving Social Security benefits. She’d like to continue her 529 contributions for the grandkids, but doesn’t want to over commit for fear she’ll still need the money to help support herself. Both her parents lived into their 90s, and she is in good health.


    Solution: She took a portion of her personal savings and purchased a Deferred Income Annuity (or more accurately Retirement Income Insurance) that will start paying monthly benefits for life beginning when she reaches age 85. That purchase of Retirement Income Insurance gives her peace of mind enabling her to be generous with her 529 contributions for the grandkids.