First Symetra Advantage Income Annuity Review & Free Quotes
What does your life look like in retirement? Do you want to experience the world? Write a novel? Cultivate a garden bursting with color? Many dreams take money to make them a reality. While you are working, you generally know where that money will come from.
The good news is your “paycheck” doesn’t have to end when you retire.
With the help of a Single Premium Immediate Annuity (SPIA), you can provide yourself ongoing stable, guaranteed income to supplement your other retirement income sources and help you live the life you dream about.
You’ve worked hard for your money. Now enjoy your retirement with an income solution that works hard for you.
What is a Single Premium Immediate Annuity?
A SPIA is a contract between you and a life insurance company. In exchange for your money, the insurance company agrees to pay you a specified amount of money over a period of time you define at purchase.
Symetra Advantage Income Single Premium Immediate Annuity
Symetra has been a pioneer in creating innovative income products for more than 50 years. From addressing inflation risks to unexpected needs for cash, our income products are designed for today’s realities.
Advantage Income offers a number of options and features to better suit your individual retirement income needs, including:
Stable, guaranteed income Inflation protection Access to cash for unexpected expenses Tax advantages A variety of income options
We had heard about annuities and were investigating them for our IRAs. We also heard bad things about pushy brokers over the years. So when we went to the ImmediateAnnuities.com site we were skeptical about calling them. But whenever we called their staff was really friendly. They answered all our questions and one of their reps even told us that at our ages there was no advantage to buying the annuity with our IRAs. These guys are really honest!
Features of Symetra Advantage Income
Stable, guaranteed income
You will receive on-going income. Guaranteed.
Whatever your retirement dreams, you need a source of ongoing income. When you purchase Advantage Income, you have provided yourself a guaranteed income stream. You can count on that money to arrive regularly to help fund your basics expenses, as well as provide you more freedom to pursue your interests.
You need income that isn’t subject to changing economic pressures, market fluctuations or interest rate risks. Adding a SPIA to the list of reliable income sources can help you make sure you have enough money to adequately fund your retirement lifestyle.
Help your income keep pace with rising costs.
It’s possible you could enjoy 20-30 years in retirement. The longer you live in retirement, the more inflation can erode your income’s ability to keep up with current costs over time.
In fact, if you had a monthly income of $2,500 in 1982 you would need a monthly income of $6,015 today to purchase the same goods and services.
To help protect your spending power, Advantage Income gives you the option, at purchase, to annually increase your payments to better keep up with rising costs. You can elect to have your payments increase by as little as .10% up to 6.5% per year.
Cash if you need it
You can access cash for unexpected needs.
Sometimes, despite your best planning, you need money. Our Advance Access4 feature lets you access your funds beyond the scheduled payments in case something unexpected happens, like:
1. To pay unanticipated medical expenses 2. To take care of a large home expense 3. To manage a change in life circumstances
We wanted to establish a bit of extra income. There was a good recommendation about ImmediateAnnuities.com on CNN. We also liked that we could see excellent reviews about them on Google. They were very thorough from our first inquiry to when we decided to buy our annuity from Mass Mutual. They always answered our questions promptly and followed up with the insurance company, too. We have been receiving our monthly payments since last November and couldn’t be happier. What more can we say?
Even though Advantage Income is intended for longterm income generation, there are times you might unexpectedly need a sum of cash. This is where Advance Access comes in.
At the end of the 3rd contract year, you can take up to 30% of the present value of your remaining future annuity payments.5 You can request funds as often as every 36 months, as long as the $5,000 minimum amount is met.
The Advance Access feature is available for all payout types6, including life only.
It is possible to pay less in taxes.
When you use non-qualified (after tax) money to purchase a SPIA a significant portion of each payment you receive is considered a return of your purchase payment, so you are taxed only on the interest portion of each payment. The percentage of each payment that is considered a return of purchase payment is known as the exclusion ratio, meaning it is excluded from taxation.
And, because often your marginal tax rate decreases as you get older, you could find yourself in a lower tax bracket down the road—potentially giving you even more tax savings.