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FIA Questions to Help Plan Your Retirement Strategy

By now, you have contacted Annuity Alliance to line up an appointment to talk to a licensed financial professional about your retirement strategy. Once you schedule the on-site appointment or Zoom call, what should you do next? What type of questions will you have? What type of questions should you ask?

If you are looking to purchase a fixed indexed annuity (FIA), you may want to mix in a couple of these questions to ensure the FIA you select aligns with your retirement goals. The good news is a fixed indexed annuity is safe from economic downturns in the market and will provide you with guaranteed lifetime income throughout the contract based on the claims-paying ability of the insurance carrier.

Annuity Alliance suggests asking your financial professional the following questions about fixed indexed annuities.

  • Why should I select a fixed indexed annuity vs. a fixed annuity or variable annuity?
  • What are the benefits and detriments of a FIA?
  • How much income do I need to place in an annuity based on my retirement goals?
  • When do I get taxed on a fixed indexed annuity and how does that affect my planning?
  • When can I start taking money from my annuity?
  • What is the specific index used for my annuity and where I can track it?
  • What happens if I die before my annuity runs out of money?
  • What is the credit rating of the insurance carrier?
  • Am I allowed to take money from this annuity in a few years and move it into another annuity or retirement savings product? How?

You will want to ask a good amount of questions before you place money into a fixed indexed annuity or any financial product. Since you are dealing with a licensed financial professional, you also can ask them to provide you with an illustration to see how different fixed indexed annuities will compare to each other.

If you are interested in purchasing a fixed indexed annuity, please contact Annuity Alliance and we will have a financial professional contact you to discuss options that may align with your retirement planning.