What wouLd be my monthly income if i got a life annuity at 26 years old?
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Im working on saving up $700,000 by the time i am 26. After i would like to by a life annuity but im just wondering what my monthly income would be.
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Answer:
Today is simply not the time to start an annuity contract, especially one where the starting age is only 26 years old, because the interest rates are so low, which then will hold at that level for the life of the contract. I would estimate that at this time your annual return would be no greater than 3-1/2%. You may consider a variable annuity (subject to stock market risks) and expect an annual return in the 7-8% range.
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