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Are you looking at different annuity rates for your retirement goals? Generally speaking, an annuity rate is the percentage at which money inside an annuity grows annually. While a majority of annuity rates have to do with growth potential, not all rates do.
Many advertisers push different annuity rates online, but these rates can have different meanings. Those rate distinctions differ largely along the various types of annuities and what each type offers to you.
Some annuities, like immediate annuities, will give you rates that are tied to income payouts. Since immediate annuities are designed to pay you income right away, that makes it pretty straightforward. Other annuities are more 'income for later' and come with rates like “payout percentages” depending on the type of payout option you choose.
Annuity rates usually vary from one life insurance company to another. What’s more, rates are tied to current interest rates. So when current interest rates change, annuity rates tend to move with them.
Do you have a variable annuity and are you looking for alternatives to it? Not sure about what options might make sense for your situation?
Many people buy annuities for different retirement goals, but variable annuities tend to be bought more than other types of annuities. However, this is likely to change in the near future. What is driving this shift is that people are on the lookout for alternatives to variable annuities.
Why? Variable annuities offer the most growth potential of all annuities. But they also have the most exposure to market risk.
What’s more, while this isn't universally true for all of them, many variable annuities are also fee-heavy and expense-heavy.
According to the SEC, just one annual charge for life insurers managing longevity risk – called a mortality and expense charge – can add up to 1.25% per year in variable annuity contracts. Other research by groups like Morningstar has also found that cumulative fees and expenses in a variable annuity can be in excess of 3 percent.
Depending on their needs, people may be interested in alternatives ranging from annuity contracts with less market risk to financial vehicles that aren’t even annuities at all.
"I recommend Mike Marrone, and Marrone Financial, for their professionalism, financial experience, and knowledge of the retirement planning space. Mike is exemplary in his dedication to consumer education and in helping his clients find solutions that fit their complete financial picture."Brent Meyer Jr., Founder of SafeMoney.com