Today's topic is the SPIA calculator and two ways to find the best quote. We're going to go through where you go to run your quotes, and I'm going to talk about the two best ways to find the highest contractual guarantees for your specific situation.
There are two ways to use a SPIA calculator. Single premium immediate annuity. The first way is to put in a lump sum. Let's just say $100,000 pays for my life or my life and my partner's life. You can put it in a lump sum, single life, or joint life. The other way is to reverse engineer the quote. Instead of saying, "Hey, I've got this lump sum amount," you go back and say, "Hey, I have a need for $500 a month." That's what I want to solve for, and I want to quote all carriers to find that $500 a month using the least amount of money.
That's a really good way to buy an immediate annuity. Once again, lump sum, or you can solve for that dollar amount to pay out monthly and you can choose when that income is going to start. Remember this, you can use IRA money, you can use Roth IRA money. You can use non-IRA money when using the SPIA calculator.
Let's talk about going to theannuitymen.com and use of my proprietary SPIA calculators, which are the best in the business. We put pretty much every single carrier out there for the highest contractual guarantee.
Remember privacy is guaranteed. When you put any information, no worries there. What happens when you put in the information? What type of information do you need to put in? First thing you need, you need your first and last name. You need your email. You need your state of residence, that's key. You need your date of birth. You need to put in your gender, male or female. You need to put in the source of the type of funds, IRA, non-IRA. Then you need to put in the deposit amount, and how much you want to put in. In this case, we're doing a lump sum amount, and when you want the income to start. Last thing you need to put is if it's single or joint life.
Now, once you do that and hit the button for the calculator on my site, what's going to pop up on your screen? It's going to pop up the numbers, the highest contractual guarantees for your specific situation, which is a good thing. We quote two structures, life only, which is the highest payout for your specific situation or joint life only and then life with cash refund or joint life with cash refund. Remember you had to put in single life or joint life in the information.
Now, yes, you can have a myriad of different quotes. Life with installment refund, life of periods certain, survivorship percentages, etc. If you want to go deep and dig in like that, please, at the site the top left-hand corner, hit book a call, schedule a call with me and let me run those customized quotes for you so we can have a discussion on how you want to customize the quotes.
Now, that information you put it in the quote, all that information. You got the numbers popping up on the screen, so you're going to see that. But remember you put in your email address as well as part of the information. You're also going to get an email that comes into your inbox. By the way, check your spam or junk file. If you don't see in your inbox, it's going to come into your spam inbox, and there's going to be a link there. You're going to click that link.
Guess where that goes back to that page that shows you the contractual guarantees. If you want to share it with your spouse or your partner and show them what those contractual guarantees are, that's how the SPIA calculator works with Stan The Annuity man. Think of it like this when you go to the SPIA calculator and you put in an information, buying an immediate annuity is like buying a plane ticket. People always say Stan, which is the best immediate annuity on the planet? The one that provides you the highest contractual guarantee. Obviously, the claims paying ability of the carrier is a big determinant of who I'm going to recommend and who you're going to go with. But initially the first step is to run the quote and see the highest contractual guarantees for your specific situation.
Remember that the SPIA calculator provides immediate results, real-time results from multiple carriers. Also remember this, single premium immediate annuity quotes when you're using the SPIA calculator is like a gallon of milk, say "Wait a minute. What do you mean by gallon of milk?" Well, every 7-10 days a gallon of milk goes bad.
That's not some sales pitch that you have to buy it. But if you want to lock in a guarantee, here's the way it works. Let's just say you run the quotes and you say, "Wait, I like XYZ company." You give me a call or your email and say Stan, this is the one I want. What we'll do is we'll run that quote on that carrier's paper and lock that in, and then going through the application process, whether it's IRA money non-IRA money or Roth IRA money, it doesn't matter.That guarantee is in place and then we will coordinate the funding through the application of the paperwork to fund that guarantee. That's how it works.
People use our SPIA calculator, the annuityman.com all the time, and they're quoting all the time and that's what it's for, 24/7/365 you don't have to talk to anybody. But I got a call the other day and the guy said, "Well, last month I ran a quote and this company I really like, XYZ company was first and then I ran it this month and they're like 10th or 7th. Why is that Stan The Annuity Man, America's Annuity agent licensed all 50 states? You have to have that answer. Of course I have that answer. The reason is carriers, they have age tranches that they're trying to track premium.
I'll give you an example. A long time ago when CD rates were high and you drove down the road and there's a bank on one side and the bank on the other and the one on the right-hand side at a higher percentage guarantee than the other one, they're often the same annuity. You said, "Well, how's that possible?" That one bank is trying to attract money. Same thing in the single premium immediate annuity world. When this guy caught it so well last month they were number 1, they were trying to attract his age range or his age tranche. They were trying to track money to that. As soon as they hit that amount that they wanted to attract, whether it's a billion or two billion or three billion whatever that amount is, then they lower the guarantees so that it's not as attractive because they don't need money for that age.
That's the reason that one month XYZ company is going be the highest, the next month it might finish 10th. That doesn't mean it's good or bad. That means that they're not trying to raise money for your specific age. Once again, and I tell people this all the time, do not fall in love with the carrier name, even though they might have a really good commercial. Fall in love with a contractual guarantee. Then me and you will talk at the very end of the process about the claims paying ability of the carrier, and I have a responsibility as Stan, The Annuity Man, America's Annuity agent to tell you if you do not need to put your money with that carrier. But I'll also be very upfront in blood and factual if you do and if it's okay and if they can back up those claims for the rest of your life and how you structure if it's joint or single life.
I encourage you to use my SPIA calculator 24/7/365. There are no minimums on quotes. You can run quotes all day long. Seriously, use it to see what those contractual guarantees are. Remember, the pricing is based primarily on your life expectancy at the time you take the payment, interest rates play a secondary role.
Never forget to live in reality, not the dream, with annuities and contractual guarantees! You can use our calculators, get all six of my books for free, and most importantly book a call with me so we can discuss what works best for your specific situation.