I split my SPIA across two of the large companies. Maybe not really necessary but I feel better about it. It was an extra hassle though. Different companies have different processes, so going with multiple companies involves a lot more paperwork. If you go with three companies it’ll be a real process.
I’m not sure if going to advisors at Schwab will afford you the full options you would have doing it on your own. They’ll want to steer you within their own offerings I would imagine? I’m with Fidelity and would definitely not go with their internal annuity products. I ran all my scenarios on immediate annuity dot com and then went with Stan the annuity man to broker the deals. I can highly recommend working with Stan. He’s a bit wacky on his YouTube channel, but he’s a pro, won’t steer you to something you don’t need and his staff is top notch.
Whether to go with a COLA is a matter of trading early money for late. Doesn’t matter what the crossover dates are, really. You either value more money for your early go-go years or more longevity insurance for your later years when you may be more vulnerable. I went with a 3% COLA because even though I’d love the larger initial payout, the larger longevity insurance factor won out with me. There’s no right or wrong to it, just depends on your value set. Do a spreadsheet and put the no-COLA payout in one column and the COLA version building interest in the next and see how they pan out over 30 years. It’s interesting to see the COLA blow the doors off the no-COLA if you live long enough to need it. That could come in handy for medical bills in old age.
I’m not sure if going to advisors at Schwab will afford you the full options you would have doing it on your own. They’ll want to steer you within their own offerings I would imagine? I’m with Fidelity and would definitely not go with their internal annuity products. I ran all my scenarios on immediate annuity dot com and then went with Stan the annuity man to broker the deals. I can highly recommend working with Stan. He’s a bit wacky on his YouTube channel, but he’s a pro, won’t steer you to something you don’t need and his staff is top notch.
Whether to go with a COLA is a matter of trading early money for late. Doesn’t matter what the crossover dates are, really. You either value more money for your early go-go years or more longevity insurance for your later years when you may be more vulnerable. I went with a 3% COLA because even though I’d love the larger initial payout, the larger longevity insurance factor won out with me. There’s no right or wrong to it, just depends on your value set. Do a spreadsheet and put the no-COLA payout in one column and the COLA version building interest in the next and see how they pan out over 30 years. It’s interesting to see the COLA blow the doors off the no-COLA if you live long enough to need it. That could come in handy for medical bills in old age.
Statistics: Posted by TheEleven — Fri Oct 25, 2024 11:25 pm — Replies 19 — Views 524