Best Annuities for Seniors
1. Fidelity - Lowest Fees
What We Like Most:
- Fewer fees than most providers
- Outstanding and knowledgeable customer service
- Six annuity choices in three categories
- Personalized planning by professional consultants
Fidelity has been a market leader in annuities since 1946, and the company now offers six different annuity products, which it organizes into three categories: retirement, asset protection, and income generation.
Fidelity maintains impressive financial stability scores with all rating agencies, and it’s currently worth $89.5 billion, giving annuity holders peace of mind that their annuity will pay out as advertised.
Fidelity annuities rarely include more than a few modest fees. Fidelity is well-known for its top-notch customer service and excellent resources for people facing retirement, such as the Guaranteed Income Estimator.
||Minimum initial investment
|Fidelity personal retirement annuity
|New York Life premier variable annuity
|Deferred fixed annuities
|Deferred income annuities
|New York Life clear income fixed annuity
|Immediate fixed income annuities
Similar to most annuities, Fidelity includes more fees in its variable annuities than in its fixed. Fidelity’s fee rates, however, tend to be lower than other providers’. The mortality fee for Fidelity’s personal retirement annuity is 0.25 percent, for instance, much lower than average. Annual fees for Fidelity annuities range from 0.1 percent to 0.25 percent, depending on the size of your initial investment
- Variety of funding options
- Up to 1 percent annual withdrawal with no surrender charge
- Responsive customer service
- Penalty-free trades and rebalances
- Some initial investments require $25,000 to $50,000
- No guaranteed return on FRPA