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When Should the Income Start?

Stan Haithcock
Stan Haithcock
May 25, 2024

If retirement is on the horizon for you, you may feel like there is a sea of financial options. Possibly the most important is when should my income start and what it needs to be. Let’s paddle through that sea and simplify the options. When you need income, one of the oldest and most reliable ways of providing lifetime income for yourself and your spouse is through a Single Premium Immediate Annuity. The income can start immediately and is purchased with a single premium, as I discussed in the video: An Immediate Annuity Has Been Purchased With A Single Premium. You can learn more about these policies by reviewing a specimen policy, or we can walk you through the contract after the policy is issued.

If you are unsure if you need lifetime income, you may be better off choosing something that keeps your principal intact until you need the income, especially in the current interest rate environment. My proprietary calculators can help you find the highest contractual interest rate in a MYGA to protect your funds.

Let’s be honest, an income annuity has more complexities than a MYGA so keep it simple until you need income. Until then, continue to learn about annuities and watch How the Annuity Sausage Is Made on this week’s Shootin’ it Straight With Stan.

Whether you want to talk about MYGA’s for principal protection or lifetime income annuities, we will provide contractually guaranteed, honest advice.

Honestly Yours,