Annuities can be a useful part of a portfolio. Statistically, they will not beat the raw market over the long term, since you pay for marketing and risk mitigation.
They are good for three things:
1. They beat CDs hands down. "MYGA" type product.
2. A pension type payment stream. You buy the security of not outliving your money. Withdrawing 4% annually from an equity account will not guarantee that, no matter what Ken Fischer (with whom I have accounts) says. "SPIA" or "FIA" with income provision
3. It can mitigate or eliminate downside market risk. The price you pay is reduced upside opportunity. "FIA"
Interesting to see the range of opinions. Some informed. Some not so much.
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