Quote:
Originally Posted by jabacon6669
My financial advisor several years ago told me to put my money in annuities. I can select my own strategies at the beginning of each portfolio year. For example: My portfolio renews in March. My strategies I selected 1. 20% declared (fixed) rate - 3.2%. 2. 40% Gold 1year Point to point. capped @7.75%, if gold goes down you loose zero. 3. S&P500 1year Point to Point capped 6.1%, if S&P goes down you loose zero. Other choices are, Real Estate 1year Point to Point 8.7%. they're are a couple of other choices with less risk that pay around 2.3%. Bottom line, market goes up you make money. Market goes down you don't loose. As a retiree this appears to me to be a safe and secure investment plan. I am with Great American Life Ins. Co. They just this past month got bought out by Mass Mutual. No changes to my two contracts.
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Any idea how much your financial advisor made in commission from your "investments".
If the market goes up and in the long run it does, you will make money but not nearly as much as others who invest in other vehicles like mutual funds. Bet he showed you a 20 year trend of the market where annuities did the best. Nest time ask him what happens if he changes the 20 year period to several other periods.
Nothing wrong with a balance portfolio to limit your risk
There is an old saying about annuities, they are sold they are never bought.