I wished I had learned about being able to ‘buy’ (through additional fees that never had to be paid) a guaranteed growth interest rate when I was younger. No agent ever told me about this option. I read about it only once. I had to ask a lot of questions before finding an annuity that offered this added growth value.
Totally understand your struggles! Over the years there have been so many different types of annuities created with all different features that it can be hard for agents to explain them and people to understand them.
Part of the problem is that annuities were initial created specifically for providing guaranteed income – that’s what the word “annuity” means after all. But over time, the product design started to include ways to grow your savings before turning them into income. Now, some people buy them just for this growth and never turn it into income.
At Blueprint Income, we’ve focused on the income annuity up until now. But, after many customers have asked for guaranteed growth as well, we’ve decided to create an online marketplace for multi-year guaranteed annuities (MYGAs). We’ll be launching it in the next couple of months!