Minnesota Life IncomeToday! Annuity Review
Steady, secure income now, guarantees for tomorrow
Contemplating how to turn your accumulated savings into a retirement paycheck you can count on now, and for the rest of your life? No need to put your life on hold – worrying if your income will last as long as you do. For the safe, secure part of your retirement income portfolio, there’s IncomeToday!
IncomeToday!, an immediate income annuity issued by Minnesota Life, provides:
1. A guaranteed paycheck, today and tomorrow.
2. A range of income choices and guarantees to meet your needs
3. Protection from the ups and downs of the markets
4. Freedom to invest the balance of your portfolio more aggressively
5. Additional access, should you need it.
6. The strength of a company known for keeping its promises.
Have you planned for the possibility of living to age 90 or beyond?
If all goes well, you’ll be spending a long time in retirement. Are you prepared to live 30+ years on your retirement dollars? Consider the following:
1. At age 65, there’s a 50% chance of living beyond age 89 for males, age 90 for females, and for couples, at least one spouse may live to age 94.
2. There’s a 25% chance of living beyond age 94 for males, age 96 for females and for couples at least one spouse may live to age 98.
So it’s in your best interests to plan as if your retirement savings will have to last until your early to mid-nineties, or even longer if longevity runs in your family.
Security and the convenience of a pension-like paycheck
An advantage IncomeToday! offers over other fixed investments is the ability to turn your assets into a guaranteed stream of income.
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!
IncomeToday! is similar to a pension, in that it provides you with a secure, predictable retirement paycheck – one that never changes. It’s a valuable supplement to your Social Security benefits – helping you cover some of the routine expenses of retirement.
Unlike other investments that are subject to the risks and fluctuations of the marketplace, you can depend on IncomeToday! for guaranteed income that’s predictable – protecting a portion of your retirement income from market losses.
Where will your income come from?
Today’s retirement income challenges
In the past, traditional pension plans and Social Security may have been enough to provide for a comfortable retirement. Not today. With only 26%* of companies offering traditional pension plans, it’s becoming more challenging to create a secure source of retirement income. That means your personal savings must play a more significant role in helping you fuel your financial strategy for retirement.
What is an annuity?
Annuities are offered by insurance companies to help people save and provide income for retirement.
An immediate income annuity can generate a guaranteed stream of income to meet your financial needs now and in the future. Income annuities offer a number of ways to receive income, including several that provide an income guaranteed for life.
IncomeToday! an immediate income annuity, can be a lifelong ally by providing you with a predictable, guaranteed paycheck that lasts as long as you choose.
Income choices and guarantees to meet your needs
You can select from a range of income options that allow you to structure an income that’s guaranteed to last for your lifetime, for a set period of time, for joint lives or a variety of combinations that provide for beneficiaries.
I contacted Immediate Annuities.com to buy one of my immediate annuities. They were prompt, very responsive, paid attention to detail, understood my objectives, and were superb when it came to staying on top of seeing the funds transfer and issue of new policy documents through to completion.
Protection for your heirs
In addition to providing an income guaranteed for your life or that of your spouse, you can also select an income option that offers protection for your beneficiaries. You can ensure they will receive any remaining income payments for a specified period of time.
Satisfy your required minimum distribution (RMD)
IncomeToday! can also be used to automatically satisfy your RMD requirements for assets rolled in from your retirement plans (401(k)s and IRAs), because it turns a portion of your assets into regular payments over your lifetime.
You must have selected one of the lifetime income options in order to use your IncomeToday! payments to satisfy your RMD amounts. Talk to your advisor about the income options that will help you meet RMD requirements. Keep in mind, if you select an option with a Period Certain, the time period you select can’t exceed your life expectancy.
Set it and forget it
With IncomeToday! you can arrange to automatically have your income payments directly deposited into your personal account. You can also choose the frequency of your payments: monthly, quarterly, semiannually or annually.