Minimums on Annuities?

[TampaHound]

Forgive my ignorance but I don't work them enough to be familiar with them.

What is generally the smallest amount that someone can invest in an Annuity. I have a 45 yr old non smoker, disabled, female worried about her retirement. She's a farmer as well.

She's a friend so, of course, she is expecting miracles. I expect to be paid in T-bone steaks.

If anyone has a good single pay option as well? State is AR.

 

[DHK]

There are a few annuities out there for ongoing monthly contribution, but I would look for one that doesn't have ongoing surrender charges based on premium payment... but on contract years.

Most annuities have either a $5,000 Qualified Plan (IRA) minimum or $10,000 Non-Qualified minimum - both in lump sum payments.

For small amounts with ongoing contributions, I'd check out MassMutual Odyssey Select as it's build for ongoing contributions. Don't expect a fantastic interest rate though.

Broker Insight: Products

https://fieldnet.massmutual.com/public/ann/pdfs/an6601.pdf

 

[pfg1]

Lincoln has some pretty low minimums with some products. $2k & $5k I think, and you can do ongoing contributions.