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Thread: Joint Single Premium Immediate Annuities

  1. #1
    Senior Member Lon's Avatar
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    Joint Single Premium Immediate Annuities

    Any seniors care to discuss SPIA?

  2. #2
    Senior Member Týr's Avatar
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    Re: Joint Single Premium Immediate Annuities

    I'm wary of any product which involves a management fee.

    That may be both unwise and unfair but it's a long-standing aversion on my part amounting perhaps to an antipathy. I also distrust wealth managers to select products into my portfolio on the basis of my long-term financial well-being as opposed to their own short-term holiday plans.

    Wealth management, in England, generates all the visceral reaction associated with second hand car dealers, private landlords and real-estate brokers.
    Long Live General Kim Jong-un, the Shining Sun!

  3. #3
    Senior Member Lon's Avatar
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    Re: Joint Single Premium Immediate Annuities

    This product must be marketed a bit differently in the UK. There are no fees or commissions taken from your principal amount on the majority of this kind annuity in the U.S.

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    Senior Member Saint_'s Avatar
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    Re: Joint Single Premium Immediate Annuities

    I'm a senior and I have no idea what you're talking about.

  5. #5
    Senior Member Týr's Avatar
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    Re: Joint Single Premium Immediate Annuities

    Quote Originally Posted by Lon View Post
    This product must be marketed a bit differently in the UK. There are no fees or commissions taken from your principal amount on the majority of this kind annuity in the U.S.
    The American public may well keep its more enterprising accountants in better check than we do, then. Here they get commissions from the fund operators for introducing new business which, I'm quite convinced, influences their choice when recommending where to invest pension lump sums or buying an annuity. The insurance market here is similarly incumbered.
    Long Live General Kim Jong-un, the Shining Sun!

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    Senior Member Wandrin's Avatar
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    Re: Joint Single Premium Immediate Annuities

    I have a long term care policy structured as an annuity. I paid in a hefty lump sum when I was in my 20s and locked in a guaranteed interest/appreciation rate that would seem outrageous these days. It has multiplied in value since then. I can use it for long term care or elect to draw annuity payments.

    About the same time, I started my little one-person business and went through the hassle of organizing as a class-c corporation. I pay myself a relatively low salary and the corporation invests the rest. I can continue to draw a salary long after I stop taking in new contracts and the corporation pays for healthcare insurance.

    Am I covered, or should I consider an additional annuity?

  7. #7
    Senior Member Lon's Avatar
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    Re: Joint Single Premium Immediate Annuities

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    Quote Originally Posted by Wandrin View Post
    I have a long term care policy structured as an annuity. I paid in a hefty lump sum when I was in my 20s and locked in a guaranteed interest/appreciation rate that would seem outrageous these days. It has multiplied in value since then. I can use it for long term care or elect to draw annuity payments.

    About the same time, I started my little one-person business and went through the hassle of organizing as a class-c corporation. I pay myself a relatively low salary and the corporation invests the rest. I can continue to draw a salary long after I stop taking in new contracts and the corporation pays for healthcare insurance.

    Am I covered, or should I consider an additional annuity?
    That depends---- if you are set up to not out live your income and can remain independent I think you are OK.

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