Recommend Single Premium Immediate Annuities (annuity, brokers, Fidelity, investments)

[john3232]

I was looking into Vanguard but as of Dec. 5th this year they no longer offers a Single Premium Immediate Annuity.

I am considering (when I reach age 65) of purchasing a $250,000 Single Premium Immediate Annuity for myself which guarantees a yearly amount until I die.

Any recommendations for a reputable company I can contact for such an annuity?

Thanks

[leastprime]

Current pricing of SPIA is such that you can get a better pricing in GLWB VAs. Your due diligence to confirm my investigations. Age 69/72.

Try traditional insurance companies as, AIG, BrightHouse, LincolnFinancialGroup, FidelityInvestments (they used to have an insurance company, unknown today), Genworth, and online direct sources.
Good Luck.

[rjm1cc]

Remember to figure out how you are going to deal with inflation. Prices could double toward the end of your retirement.

[leastprime]

BTW OP, Always buy time ladder, buy in the smallest units, and perhaps ladder in amounts.
Annuities have no purchase volume discounts, from our experience.

[john3232]

O.k. I started with AIG and after getting the runaround for 45 minutes I was told I needed to contact a broker for rates.

It was explained AIG won't discuss rates or such a policy over the phone.

So... if possible I'd like to first start by narrowing a search to three of the most reputable annuity companies for an immediate SPIA.

Any other recommendations?

Thanks

[leastprime]

Annuities and insurance are regulated by the state. Licensed reps are the only ones who can sell. Direct brokers have licenced agents, immediateannuities.com, etc.
No recommendations.
Good luck

[Richard818]

Originally Posted by john3232

O.k. I started with AIG and after getting the runaround for 45 minutes I was told I needed to contact a broker for rates.

It was explained AIG won't discuss rates or such a policy over the phone.

So... if possible I'd like to first start by narrowing a search to three of the most reputable annuity companies for an immediate SPIA.

Any other recommendations?

Thanks

What state are you in?

[john3232]

Originally Posted by richard818

what state are you in?

Az

If I need to go through a Licensed Rep. for information regarding a SPIA o.k.

However, if I have a few companies already recommended I can check them against companies/policies a Licensed Rep advises.

I have an in-law who was recommend but when I asked for information he jumped into selling mode.

Then when he realized I wasn't planning to buy this year... well that was the end of our email exchange.

[mathjak107]

Personally I would not buy any other annuity but an spia ....they are simple , and easy to understand

[leastprime]

All Insurances must be thru state licenced agents. Some online brokers will have agents licensed in multiple states.