Shop Around
I found Mr. West to be poorly informed. For instance, he told me to "sell in May and go away" - that old, disproven chestnut.
Do not buy a financial product from the first person you talk to.
If you need 5 years worth of income, why are you looking at a fixed index annuity? You can get a single premium immediate annuity that pays for five years and returns your principle. It is a "sure thing". CDs and money markets will see their income go down as interest rates decrease - a 5 year CD won't pay what a 5-year annuity will.
Anyway, that is just a taste. There is a lot to learn about annuities before you purchase one. Please speak with multiple financial advisors and make sure anyone you speak with is a fiduciary. If they are not a fiduciary, run - they are not obligated to act in your best interest, and instead can do whatever makes them the most money - if they are not a fiduciary.
|