Quote:
Originally Posted by Stu from NYC
Annuities are sold and never purchased. Sales rep does very well selling them.
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I love it when people spout platitudes that are just not true. I have several annuities that I quoted out to a bunch of companies- two for the income riders and 6 MYGAs in a ladder to lock in high interest rates for years 3-9 of my retirement (average of 5.9% compounded daily). Nobody sold me anything and they are all part of a comprehensive retirement plan that also includes stocks, bonds, cash, and a social security claiming strategy. I also have several friends who have done the same.
I don’t like some of the sales practices used to sell indexed annuities either but it does not mean all are bad. I also think paying anyone 1% of your assets to “manage” them is just as big a ripoff but it doesn’t mean all financial advisors are crooks either.