Getting more income for someone that has activate GLWB rider

rc26

Expert
33
I have husband and a wife who have a Sentinel annuity that they have activated the GLWB AV 211k SV the same income benefit is ~1,100/month. Ages 76 & 75. She is still working because they need additional income, is there anything out there that could help them get more guaranteed income? Annuitization perhaps? Any thoughts please let me know.

Thanks,
Rc26
 
I have husband and a wife who have a Sentinel annuity that they have activated the GLWB AV 211k SV the same income benefit is ~1,100/month. Ages 76 & 75. She is still working because they need additional income, is there anything out there that could help them get more guaranteed income? Annuitization perhaps? Any thoughts please let me know.

Thanks,
Rc26

Probably not unless they want to run out of money in 10 years or so. $13-14k per year on $211k is pretty awesome without forfeiting entire account value.

Best joint life payout for those ages is $1145 per month & they forfeit entire balance & nothing for heirs if they both die. $1139 mth if joint life with 10 yr certain, which only really guarantees a total of $130k is paid out. one of the 2 of them would have to live 16-17 years to even get back their $211k.

GLWB is likely best they can do by far to get the life time guarantee without actual annuitizing.

Maybe reverse mortgage---i am not a huge fan, but I am sure there are some situations like this where it is appropriate to boost income
 
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