What’s the Best Way to Set Up Annuity Income for My Spouse?: Q&A Friday

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welcome to Q&A Friday I am your host

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Stan the annuity man America's annuity

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agent licens in all 50 states today's

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question is what is the best way or what

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are the best ways to set up lifetime

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income for my spouse very good question

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with annuities you can set up joint

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lifetime income payments but when you do

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that obviously the annuity company is

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covering two lives instead of one so the

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payments going to be lower now for all

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of you Gordon Geckos out there I think

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that's okay because your spouse has put

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up with you for all of these years so

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it's good for you to bite the bullet and

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have a continuation of the income stream

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uninterrupted and unchanged when you

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pass away it really comes down to on how

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you structure that annuity um and the

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type of annuity to two questions what do

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you want the money to contractually do

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and when do you want those contractual

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guarantees to start that second question

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is the key because you've already

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determined that you need income is when

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you want that income to start now there

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are annuities for future income in other

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words you can buy it now and have income

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start at a specific date and that would

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be single premium immediate annuities

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deferred income annuities qualified

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longevity annuity contracts income

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writers all of those have specific rules

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on how long you can go out before the

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you can turn on the income or before you

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decide to turn on the income those are

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the discussions and decisions that we

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hope we can have with you and have some

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influence if you go to the annuity

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man.com and book a call you can um talk

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with either me or one of my whoever gets

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that call that designated call will call

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you right on the dot and we'll work

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through your situation the other way to

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set up income for a spouse is to not buy

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an annuity now but actually have a say a

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trust in place so that upon your passing

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an immediate annuity is purchased for

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your spouse at that time obviously you'd

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have to get your aate planning lawyer

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and CPA involved which is always a good

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thing to have those people involved and

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signing off on those type of structures

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and those typee of plans but if you want

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to keep your powder dry and set up still

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have income set up you can do that

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there's a lot of people that talk with

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me that say you I always ask them I say

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is everything good as long as you're

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hitting all all cylinders and you're

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you're good and you're living and you're

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breathing and you are you and they're

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like yeah everything's fine the worry is

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when I pass away if that's you what you

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can do is set up that trust so that when

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you die at that time the triggering

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moment will there's an immediate annuity

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that would be purchased for your spouse

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now what you'd have to decide is how

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much income you'd want to create for

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them or what is the lump sum that you

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would want uh to be used for that

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immediate annuity type purchase and

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under that specific um strategy single

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premium immediate annuities would would

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be the product type annuity product type

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that you would use so your trust would

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say upon my passing um use x amount of

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money to buy a single premium immediate

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anity for my spouse or buy a single

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premium immediate annuity solving for

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this specific income dollar amount on a

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monthly basis you could do that and then

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there's types uh annuity types like

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single premium immediate annuities you

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can defer for a year deferred income

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annuities qualified longevity annuity

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contracts and income writers you can

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defer for a very very long time if you

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want to throw a dart at when you want

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income to start for both of you so

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that's the answer how do you set up

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income for your spouse one version and

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one way to do it is to buy an annuity

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right now with a specific income start

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date in the future or it's starting

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right now or you could say hey I'm I

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don't want to do that I want to keep my

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powder dry and keep my money in the

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markets and then upon my passing because

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my spouse probably doesn't care about

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the markets there'll be an immediate

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annuity purchase for them at that time

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my name is Stan the annuity man I hope

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you reach out to us at theanu man.com

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and book a call until then have a great

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weekend we'll see you next time