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.
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How The 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.

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Types Of Retirement Accounts Accepted

What We Like

  • Significant Initial Bonus: The 10% premium bonus offers a strong start to the annuity’s growth.
  • Additional Contributions Benefit: Additional funds added during the first year also receive the 10% bonus, enhancing the growth potential.
  • No Recapture or Vesting Schedule: The bonus is not subject to a recapture or vesting schedule, making it a permanent part of the Accumulation Value immediately.
  • Market Upside Participation: The annuity allows participation in market gains while protecting against market losses.
  • Tax Advantages: Tax-deferred growth can lead to substantial accumulation over time.
  • Flexibility and Control: Various withdrawal options and the ability to adjust income withdrawals provide financial flexibility.
  • Beneficiary Protection: Ensures that the Accumulation Value is preserved for beneficiaries.

What We Don’t Like

  • Complexity: The variety of index options and crediting strategies can be complex and may require careful management and understanding.
  • Limited Liquidity: Withdrawals exceeding the penalty-free amount can incur substantial surrender charges and MVAs, particularly during the first 14 contract years.
  • Fees for Optional Riders: The Income Benefit Rider comes with an annual fee of 1.25% of the Accumulation Value, which can impact overall returns.
  • Conditional Benefits: Certain benefits, such as the Enhanced Income Withdrawals for chronic illness, have specific conditions and limitations that may not be applicable to all policyholders.
  • Surrender Charges: High surrender charges during the initial contract years can significantly impact liquidity if early access to funds is needed.

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How We Can Help

At The Annuity Expert, we understand the complexities of retirement planning and the importance of finding the right financial products to secure your future. With 15 years of experience as an insurance agency, annuity broker, and retirement planner, we have the expertise to guide you through the decision-making process.

We believe in finding the best solution at the lowest cost, ensuring you get the most value from your retirement investments. We recognize the core problem many retirees face: the fear of outliving their savings. This concern can cause significant emotional stress, but with the right plan, you can alleviate this worry and enjoy a secure retirement.

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What We Recommend

To achieve your retirement goals, we recommend the following steps:

  1. Initial Consultation
    • Step: Contact us for a free consultation.
    • What Happens: We discuss your financial situation, retirement goals, and concerns.
    • Benefit: Personalized advice tailored to your unique needs.
  2. Customized Plan Development
    • Step: We create a customized retirement plan.
    • What Happens: We analyze various annuity options, including the Symetra Freedom Income Annuity.
    • Benefit: A tailored plan that ensures financial security and peace of mind.
  3. Implementation and Monitoring
    • Step: Implement the chosen annuity and monitor its performance.
    • What Happens: We assist with the application process and provide ongoing support.
    • Benefit: Continuous guidance and adjustments to keep your retirement plan on track.

Features And Benefits

  • Guaranteed Income: Ensures a reliable income stream.
  • Flexible Payment Options: Matches your payment schedule with your needs.
  • Financial Stability: Confidence in a stable provider.

Addressing Common Objections

  • No Lump Sum Death Benefit: While this annuity doesn’t offer a lump sum death benefit, it provides consistent income during your lifetime, which can be more beneficial for ongoing expenses.
  • Limited Growth: Although it doesn’t earn interest, the guaranteed income can be more valuable in a volatile market.

Not working with us could mean missing out on personalized and expert guidance, potentially leading to an insecure financial future. However, by partnering with us, you gain access to our extensive experience, tailored solutions, and continuous support, ensuring a secure and comfortable retirement.

For personalized advice or a quote, contact The Annuity Expert today. We’re here to help you secure your financial future.

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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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