How to Find the Best Income Annuities?

Annuities offer tax-deferred growth and guaranteed retirement income. However, they are not for everyone. They are long-term products and should be considered only after investors have maxed out their 401(k) and IRA contributions. The best income annuities provide a steady stream of income for life and can be tailored to suit your specific needs. Unlike other investments, annuities are contracts issued by insurance companies that transform invested funds into fixed streams of income at specific dates in the future. These products are designed to offer guaranteed lifetime income, and their prices are usually lower than mutual funds or individual retirement accounts. They also come with lower provider fees and minimum investment amounts, and many are backed by highly rated financial institutions with decades of experience.

The best annuity rates depend on many factors, including the payout rate and fees and the insurance company’s financial strength. A financially strong company is essential for a secure future. While some local annuity agents may only represent a few insurers (or even just one), shopping around and choosing the best annuity rates for your needs is essential. The best income annuity rates are those that will provide you with the highest level of protection for your retirement savings. Choosing the right annuity provider is essential to your retirement plan, so be sure to review their ratings and track record before making a decision.

Another option for annuity shoppers is to work with an independent financial advisor. These professionals have a deep knowledge of the different annuity products on the market and can help you select one that fits your financial goals. They can also provide personalized investment advice and recommendations aligned with your risk tolerance and goals. They can also provide you with access to online annuity marketplaces, which allow you to compare and purchase annuities in a convenient way. These marketplaces can also help you save money by eliminating sales commissions and other charges that may be included in your annuity purchase.

Best Income Annuities 2024

The top annuity rates currently on the market include USAA’s lifetime annuity, MassMutual’s deferred fixed annuity, and Athene Holdings’ indexed annuities. These annuities have competitive payout options and are backed by respected financial strength ratings, including A.M. Best, Moody’s, and Standard & Poor’s. They also have low annual contract fees and no minimum initial premium.

Fidelity has an impressive track record and offers one of the lowest-cost fixed annuities on the market. Its annuities have high financial stability scores from all major rating agencies and are backed by the company’s $89.5 billion assets. They also have no surrender charges and offer a variety of add-on options.

Jackson National Life was the best seller of variable annuities in 2022 and is a part of Prudential Financial (don’t confuse it with its parent company, Prudential plc). Its iShares Select 7% Variable Annuity provides one of the highest returns in the industry.

In the third quarter of 2020, Symetra Life was the best-selling index annuity company, and it offers some of the most potential annual income in its products. It has a high financial strength rating from A.M. Best, an AA- from S&P Global and Moody’s, and an A1 from Fitch.

Blueprint Income has partnered with 30 of the world’s top insurance companies to create the most competitive marketplace of good, simple annuities on the market. The table below shows a sample of current 10-year annuity rates for immediate income annuities. These rates are guaranteed and backed by the claims-paying ability of the issuing insurance company.