It takes a few years to mature and be totally soluble but we have income enough that the IRAs are for "lagniappe" money and we'll probably only take minimum required outlays when we reach the magic 70-1/2 ages. After the first year one can take up to 10% w/o penalty and either decide to take sporadic on-demand payments or set up a specific regular flow.
Not trying to sell you anything - just saying there are avenues out there to protect your money and make more than banks are paying.
Sorry for the long delay, I have been trying to research Allianz I knew it is. There’s not a whole lot of specific information on their website. At one time, probably a decade ago, I did look into annuities. But the one insurance company I was dealing with couldn’t show me how they got the 5% they promised. It was like yours, a base value that they guaranteed, and it could be increased with market upswings.
But in looking at the calculations on the spreadsheet and their brochures, I didn’t get anywhere near the 5%, more like 3%. A friend of ours who was happy with his 8% – when I looked at his numbers it was more like 5%. Anyway those insurance gurus couldn’t explain any of it. So I passed.
Would be fine with getting 5% these days! My only concern is if we have hyper inflation. But 5% would still net us enough to live on so that would be great. The good ol’ days were when I had 5% CDs! I’m waiting for Trump to turn those out again. Or to make the Fed quit squashing interest rates , i mean
‘I knew it is’ = annuities
The interpretation of dictation is sometimes interesting :-)