Scroll down for free annuity calculators with personalized quotes for income annuities (immediate, longevity, QLACs), and fixed annuities (MYGAs).
A fixed annuity, also known as a multi-year guaranteed annuity (MYGA), provides a guaranteed rate of return for a predetermined period of time. It is most similar to a Certificate of Deposit (CD) that is offered by a bank or other-FDIC insured institution, except that it is offered by an insurance company. When compared to CDs, fixed annuities offer higher guaranteed crediting rates over longer time horizons (3-10 years), tax-deferred growth, the ability to annuitize upon maturity, and liquidity via penalty-free partial withdrawals for those 59½ or over.
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The immediate annuity, a.k.a. single premium immediate annuity or SPIA for short, is the simplest annuity product on the market. It’s purchased by people retiring within the next year or already in retirement. For a given amount of money paid upfront today, you receive an income stream starting within one year that lasts as long as you live. It is common for the annuity to cover both you and your spouse’s lives, where the income payments will continue as long as either spouse is alive, albeit at lower income stream.
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Longevity annuities, a.k.a. deferred income annuities or DIAs for short, provide lifetime income starting 2-40 years from now. Money is paid upfront, but the income payments you receive are delayed for a period of 2-40 years. Because of the deferral, you will receive a higher income stream and may be able to add additional deposits to the contract. Longevity annuities can be good for people who want income starting years in the future.
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A Qualified Longevity Annuity Contract, or QLAC for short, is a special type of longevity annuity. The QLAC is a way to purchase a longevity annuity using your qualified retirement savings (such as from an IRA or 401(k) rollover) but delays the start of that income to after age 70½. It’s given this special designation because it overrides the IRS required minimum distribution (RMD) rules.
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Do you have enough money to retire and live the lifestyle you want? If your savings are enough to cover your desired retirement spending taking inflation and investment returns into account, the answer is yes. Try the simple calculator to get a ballpark estimate of whether you’re on track or not. If not, try adjusting the amount your’re saving, your retirement budget, or the age you want to retire until the plan passes. Don’t forget to consider the impact of changing market conditions by playing with the investment returns and inflation.
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Planning for retirement is challenging when you don’t know how long you’ll live (although annuities do help with this unknown). The average American now lives to 88, but most people tend to underestimate their own life expectancies. Find out your customized life expectancy based on 400,000 NIH data samples and a short quiz about your lifestyle.
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