Will Interest Rates Drop in 2024
Interest rates will always be a hot topic and deservedly so because it’s a major component of the overall economy and has serious implications for retirement planning. Over the past two years, I’ve been able to get people into some great deals whether for income or just asset protection. When interest rates are continuously on the move it’s human nature to delay decisions if hoping to get an even better deal. Sometimes that works and sometimes it’s a bad idea.
Last year everyone was thinking that rates would spike, even more so than had already happened. I reminded everyone that it wasn’t likely to go higher and for the most part I was correct, although my prediction was that rates would fall throughout 2023. It talked about it last February for anyone who likes a good timeline to go along with this information
Will Annuity Rates Sky Rocket in 2023?
In much the same as the year before, rates peaked toward the end of 2023 and then started dropping right around the first of this year. We saw annuity rates go along with it and settle slightly so it made me nervous. I don’t want inflation but I also don’t want rates to drop. It makes planning more difficult and I’m not able to deliver the quality deals that you guys like.
We’ve seen a resurgence in bond and treasury rates over the past month and I like where things sit right now. New speculation on what the Fed will do changes by the day. I don’t think rates will drop this year and if I had to guess then I’d say things should stay about the same for the next several months. It’s not just me shooting from the hip. My position is based on information from people I know who are a lot smarter than I am.
Steady products and rates make it easier for you and me. You don’t have to be in a hurry to make decisions and I can steer clear of any unnecessary fearmongering. Take your time, put blinders on to outside forces, and focus most on your goals. We have plenty of tools to work with and I expect it to continue through most of this year. If things go the other direction I’ll definitely come out with a public explanation.
Get on my calendar if you’ve got something to add or if you want to know what this means for you.
Bryan
Podcast Episode: Will Annuity Rates Drop in 2024?
Further Readings:
All You Need to Know to Buy an Annuity
Are Fixed Indexed Annuities a Good Investment?
Last Updated on August 30, 2024 by Bryan Anderson
