Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: Hello everyone, I'm Steve Savant syndicated financial columnist and host of the weekly online talk show, Steve Savant's Money The Name of The Game. I'm answering questions from insurancelibrary.com. Today's question is: is a single premium annuity a good investment? Well remember, generally these are interest driven products and single premium annuities could be a period certain. It could be ten years certain. It could be 20 years certain or one of the most popular out there right now is you're actually purchasing a lifetime of income with a single premium immediate annuity. If it's nonqualified the money which you originally put into it called basis comes out blended with the gain on this, so there's a little bit of a tax advantage there. Remember, you can't outlive this, so if you become the Guinness Book of World Records or you're one of Willard Scott's people who turn 100 every day, you're going to get that payment and it's there for the rest of your life. A lot of people like immediate annuities to be the underpinning or their foundation of their retirement.
Well, that's our consumer question for today. If you have any questions just submit them to www.insurancelibrary.com.
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Video Transcript: Hello everyone, I'm Steve Savant syndicated financial columnist and host of the weekly online talk show, Steve Savant's Money The Name of The Game. I'm answering questions from insurancelibrary.com. Today's question is: is a single premium annuity a good investment? Well remember, generally these are interest driven products and single premium annuities could be a period certain. It could be ten years certain. It could be 20 years certain or one of the most popular out there right now is you're actually purchasing a lifetime of income with a single premium immediate annuity. If it's nonqualified the money which you originally put into it called basis comes out blended with the gain on this, so there's a little bit of a tax advantage there. Remember, you can't outlive this, so if you become the Guinness Book of World Records or you're one of Willard Scott's people who turn 100 every day, you're going to get that payment and it's there for the rest of your life. A lot of people like immediate annuities to be the underpinning or their foundation of their retirement.
Well, that's our consumer question for today. If you have any questions just submit them to www.insurancelibrary.com.