How to Fill Retirement Income Gaps for a Set Period

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Welcome to Q&A Friday. I'm your host

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Stan the Annuity Man, America's annuity

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agent licensed in all 50 states. Today's

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question is, how do I gap fill income

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for a specific period of time? We get a

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lot of calls that say, "Hey, you know, I

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need income to start uh I'm I'm going to

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wait on social security to kick in at

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70, but I'm 63, so I need seven years of

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income until then, or five years, or

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whatever it is for you. So you need that

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specific period of time that you need

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income and then you have another source

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whether it's social security or a

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pension or whatever that's going to kick

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in at that point in time. That's a lot

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of you out there. The way to do it is

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called a single premium immediate

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annuity period certain. So not a

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lifetime income product um a period

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certain product and it does exactly what

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it sounds like it does. It pays for a

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specific period of time. right now.

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Typically, quoting all carriers, the

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shortest duration is a fiveyear

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typically. Um, but most people are doing

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a fiveyear period certain or seven-year

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period certain or a 10-year period

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certain. That's one way to gap fill for

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that specific time period. Single

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premium immediate annuity period

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certain. You go to my site at

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theanuityman.com and run quotes, book a

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call, and have us do something custom

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for you. The other way is if you have

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enough money and you can just peel off

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the interest, you can buy a multi-year

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guarantee annuity, which is the annuity

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industry version of a CD. So, in

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essence, you're not touching the

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principal and you're taking the interest

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out. Okay, you can do that or you could

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ladder MAS and cash them in as they're

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coming due. You could buy like a 2year,

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three year, four year, fivey year MA.

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It's a little bit more of a complicated

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strategy, but I think you understand

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what I'm talking about. It's a CD type

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product of which when it matures you can

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just cash the whole thing in to fill in

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that income gap. The bottom line is with

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immediate annuities for a period certain

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it's an interest rate driven product.

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It's not a life expectancy product

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because there's no life contingency.

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It's a period certain. So interest rates

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play a primary role and after that

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specific period of time is over the

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money's gone. So it's just going to pay

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for that specific gap fill. A lot of you

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say okay that sounds good to me. Hey,

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let's quote all carriers and see what

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that is. A lot of you say, "Yeah, I'm

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not sure I want to do that." And money

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go poof at the end. But that's what a

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period certain does. If you do not like

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that part of it, then we'll have to

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pivot to multi-year guarantee annuities,

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which are the CD version

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um that it's a CD that uh annuity

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companies offer. Um pays a specific

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interest rates for a specific period of

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time. If you have enough money, you can

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just peel the interest off or you can do

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what's called a cash out strategy,

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lading those durations. We'd love to

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help you at theanuityman.com,

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but that's the way to Gatville income.

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If you need a specific period of time,

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there's a couple of ways and we

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certainly can help you find the best

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contractual guarantees out there. My

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name is Stan the Annuity Man. That's Q&A

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Friday. Go seize the weekend, please.

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and I'll see you next week.