I would ran from them, caught them in lies

Especially those making fat commissions on annuity products.

And they are structured so you cannot get out of them to quickly giving the rep larger commissions.

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.

West Financial is very informed. They just tell you what is best for them. He told us to avoid the stock market and go into annuities.

His motto was basically Stock market leads to losses while annuities makes money

Even told us Warren Buffet is a fan of annuities

fixed annuities
 

It depends on you financial needs, goals and comfort. If you need an income stream now, an annuity can fill the need. If you don't need the money right now, there are better investments, all of which have been mentioned previously. An S&P 500 ETF can be expected to deliver about 8% over the long haul, and is "fairly" safe. If you have time, such an ETF or other investment will probably net you more. However, if you feel the stock market is shaky or your risk tolerance is very low, once again, an annuity could be a good investment for you.

The OP stated he is 66.

I agree with your comment that the S&P500 has historically returned 8% over the long term. However, if you look at the S&P500 historical rolling 10 year return, you will find that there has been been 10 year periods where investors lost money. So “longterm” is very important

If you are in your 20’s, 30’s or 40’s, then you have the “long term” advantage on your side because you will not need the funds until far in the future.

However, a 66 year old who needs the income in the next 5 or 10 years, should not expect 8% returns because they will be removing capital if the market is down. If however, you are a wealthy 66 year old and will not need any of the money invested in the S&P500 for 15 or 20 years, then an 8% return is much more realistic

Steer clear of West Financial.
 

IMHO, West will always make the first and second choice an annuity. He even suggested we lie about not being married at one point in an answer to a question on beneficiaries etc......Blackstone or TB Financial are two companies you can trust. While they too may offer you an annuity solution, at least they are honest an above board. We will never use West again after his suggestions to lie and his tactic to only sell us an annuity vs. what was asked for.

Vanguard or Fidelity. You want the lowest fees. Why pay an advisor who adds no value? There is nothing special about annuities other than unnecessary fees. You are paying for their ads, free dinners, suits and other extraneous costs. It’s your money. Belongs in your pocket. If the SEC did their job these products would be banned

I agree with you, if someone needs an independent advisor can see a fee only one but an ongoing percentage of your money does not seem necessary.

The dinner at least was fine.

Aren’t they one of the firms that offer lots of parties and free dinners?

now if that isn't the definition of inside information, I don't know what better one is.

You never buy from an advisory company. These people are SALESMAN. You might as well be buying real estate from Glengarry, Glen Ross

Go to Vanguard if you must. Shareholder owned

Not the SEC, but Congress. The insurance lobby spent billions to convince Congress to pass a law that allows life insurance products to act like a retirement plan, so that the earnings are tax deferred. All annuities have a minimal death benefit that allows them to be classified as a life insurance product, even though the death benefit is practically worthless. Therefore, the earnings on an annuity are tax deferred. All life insurance products must have a death benefit to have tax deferred earnings. Tax deferral is one of the primary selling points that annuity salespeople use to sell annuities.