When thinking about the concept of guaranteed lifetime income and annuities, there are some basic considerations that you must consider when considering, or offering a solution.

Lifetime income is a necessity

When considering you complete picture with respect to how healthy your retirement will be a necessity is to have in place some form of lifetime income, which in general will only be accomplished through an annuity. When considering these options, we need to make a distinction of what the best options are when considering these solutions.

Income Now

The option for maximizing income now is the use of a Single Premium Immediate Annuity. By taking a lump sum of money the insurance company will provide income for your life, a period certain and life period, or an installment refund or cash refund lifetime income.

Income later

In considering your guaranteed lifetime income needs, maybe you are a number of years away from needing the guaranteed lifetime income that you desire. This can be accomplished through the use of an annuity that has a lifetime income benefit rider. There a number of considerations that must be thought of when considering the right choice of lifetime income.

When considering the use of a lifetime income benefit rider there are a couple of nuances that the insurance company will offer, but not all benefits are created equal. You can see bonuses, “Roll-Ups” and enhancements to the payments. All of these are beneficial for certain circumstances. Some annuities will offer the highest guaranteed lifetime income for life, while others will offer guaranteed lifetime income that initially will not be the highest but will have the potential to increase with inflation. With the bonuses, “Roll-Ups” and enhancements the consideration that will fit the best is the one that fits the specific client’s unique circumstances.

When making a decision as to what option will fit best take into consideration the totality of the client situation, and with all of your annuity lifetime income needs, contact the specialists at Pinnacle Financial Services to get advice on the current rates and payouts that will fit your client needs the best.