A fixed indexed annuity with an income rider can supplement Social Security by providing additional guaranteed lifetime income. The annuity income can bridge the gap between retirement and age 70 when Social Security benefits are maximized.
Key Points
- Fixed indexed annuity with income rider: supplements Social Security
- Bridge strategy: annuity income while delaying Social Security to age 70
- Delayed Social Security: increases benefit by 8% per year from 62 to 70
- Lifetime income: cannot outlive the income stream
- An independent agent can compare annuity options for Social Security supplement