Is the Symetra Freedom Income Annuity Any Good?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Our Symetra Freedom Income Annuity Review

The Symetra Freedom Income Annuity is a retirement product that aims to provide individuals with a reliable and guaranteed income stream during their golden years. It offers a range of benefits and features that make it an attractive option for those planning their retirement.

With the Symetra Freedom Income Annuity, individuals can purchase the contract using a small portion of their savings, ensuring that their retirement funds remain intact. They can then choose a future date to begin receiving income payments, providing them with a predictable and steady source of income throughout their retirement.

One key advantage of the Symetra Freedom Income Annuity is its longevity. The income payments can last up to age 95. However, one key disadvantage is the lack of a lump sum death benefit.

Key Takeaways:

  • The Symetra Freedom Income Annuity provides individuals with a reliable and guaranteed stream of income during retirement.
  • By purchasing the annuity, individuals can choose a future date to begin receiving income payments.
  • The income payments can last up to age 95, ensuring a steady source of income throughout retirement.
  • No lump sum death benefit
  • Various income options are available, allowing individuals to select the one that best suits their needs and financial goals.
Symetra Annuity Reviews

How a Symetra Freedom Income Annuity Works

The Symetra Freedom Income Annuity allows individuals to secure their future by purchasing an income annuity. This annuity can be acquired at any age and allows individuals to set a specific date for their payments to begin, typically at the early stages of retirement. With a range of available income options, such as period certain, single life, and joint and survivor life, individuals can customize their income stream according to their needs and goals.

To ensure convenience, payments can be directly deposited into the annuitant’s account based on the frequency they select, whether monthly, quarterly, semiannually, or annually.

Symetra Reviews

What We Like

  • Established History: Symetra was founded in 1957, showcasing a long-standing presence in the industry.
  • Strong Financial Ratings: The company boasts impressive ratings, including an ‘A’ from A.M. Best, an ‘A1’ from Moody’s, and an ‘A’ from Standard & Poor’s, which indicate financial stability and reliability.

What We Don’t Like

  • Lack of Asset Control: Certain annuities require retirees to relinquish control over their assets, which can be a significant drawback.
  • Limited Financial Growth: These annuities do not earn interest, which limits the potential for financial growth.
  • Minimal Liquidity: The lack of liquidity can be a concern for retirees needing access to their funds.
  • Absence of Lump Sum Death Benefit: The lack of a lump sum death benefit is a notable disadvantage, as it limits the financial legacy for beneficiaries.

Our Recommendations

  • Opt for Fixed Indexed Annuities: We recommend exploring fixed-indexed annuities with a Guaranteed Lifetime Withdrawal Benefit (GLWB).
  • Benefits of GLWB: A GLWB allows for asset control, the potential for income to increase with inflation, interest earning, liquidity, and a lump sum death benefit.
  • Lifetime Income with Flexibility: This option provides the same lifetime income as traditional annuities, but it offers increased flexibility and benefits.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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