[Stu from NYC]

Originally Posted by Toymeister

If you choose to buy an annuity I would not buy from Mr. West as he was arrested for a felony offense (it hasn't gone to trial, I believe). It involved a waitress with alleged sexual overtones. He has pled not guilty.

While he is innocent until proven guilty there are dozens of salesperson who have not been arrested. I only deal with people above reproach who have not been accused of attacking women.

Ground News - Prominent financial adviser arrested after alleged attack at Wolfgang Puck

You can Google "West Financial arrest" for other news articles.

Guess he forgot to mention that at the dinner.

[Plinker]

Originally Posted by Toymeister

If you choose to buy an annuity I would not buy from Mr. West as he was arrested for a felony offense (it hasn't gone to trial, I believe). It involved a waitress after hours with alleged sexual overtones. He has pled not guilty.

While he is innocent until proven guilty there are dozens of salespersons who have not been arrested. I only deal with people above reproach who have not been accused of false imprisonment and battery against women.

Ground News - Prominent financial adviser arrested after alleged attack at Wolfgang Puck

You can Google "West Financial arrest" for other news articles.

He is not a fiduciary. He is only held to the suitability standard. Huge difference. Unfortunately, as we are well aware, even some fiduciaries put their own financial interests first.
He pushes this product due to very high commissions. Did he explain the surrender period? He is just one of many free-dinner salesman peddling this product in TV.
People need to stop buying these products simply because they got a free dinner. I would add this guy to my blocked-call list, immediately. Vanguard and Fidelity are the way to go. High-rate CD’s are also very attractive.

[Toymeister]

Originally Posted by Plinker

He is not a fiduciary. He is only held to the suitability standard.

Did you read what I posted? He is accused of a felony against a woman. FELONY.

The standard is human decency, huge difference.

[Plinker]

Originally Posted by Toymeister

Did you read what I posted? He is accused of a felony against a woman. FELONY.

The standard is human decency, huge difference.

Thank you. I just read the article. I wonder if Wolfgang Puck will ever allow him to solicit business at their restaurant in the future. Hopefully, justice will be served.

[Robbb]

Originally Posted by Mazjaz

My wife just retired and won’t take Social Security for 5 years. I am considering replacing her income with a Fixed Indexed Annuity with West Financial Group. Has anyone used them or have a fixed indexed annuity they would recommend for immediate income? I am 66.

If you are set on an annuity, I would suggest Vanguard. At least with them you will only get royally screwed, vs, totally screwed.

A sucker is born every minute.

[Stu from NYC]

Originally Posted by Plinker

He is not a fiduciary. He is only held to the suitability standard. Huge difference. Unfortunately, as we are well aware, even some fiduciaries put their own financial interests first.
He pushes this product due to very high commissions. Did he explain the surrender period? He is just one of many free-dinner salesman peddling this product in TV.
People need to stop buying these products simply because they got a free dinner. I would add this guy to my blocked-call list, immediately. Vanguard and Fidelity are the way to go. High-rate CD’s are also very attractive.

Nobody asked about a surrender period so he had no reason to volunteer such negative info. He did go on and on about the lack of risk in the annuity and how risky investing in the stock market is. He claimed that for the last few major downturns it took about 8 years to be back where you were.

He showed us charts that was supposed to show this but a close review showed he was (to be kind) not saying the correct info.

At least the dinner was very good. No idea how many people actually bought what he was selling.

[manaboutown]

Originally Posted by Stu from NYC

Nobody asked about a surrender period so he had no reason to volunteer such negative info. He did go on and on about the lack of risk in the annuity and how risky investing in the stock market is. He claimed that for the last few major downturns it took about 8 years to be back where you were.

He showed us charts that was supposed to show this but a close review showed he was (to be kind) not saying the correct info.

At least the dinner was very good. No idea how many people actually bought what he was selling.

Hopefully none.

[Rwirish]

Annuities get a bad rap but can actually be a valuable part of one’s investment portfolio.

West Financial …….

Check with Fidelity and others.

[Federspiel]

Originally Posted by Mazjaz

My wife just retired and won’t take Social Security for 5 years. I am considering replacing her income with a Fixed Indexed Annuity with West Financial Group. Has anyone used them or have a fixed indexed annuity they would recommend for immediate income? I am 66.

I purchased 3 Fixed Indexed Annuities 13 years ago. Dumbest thing I have ever done. Read the contract in detail. You will never understand it.. Indexed usually to S&P 500. When market declines this year (and it will), buy a simple S&P 500 index fund. Had I done that, I would have been hundreds of thousands richer. If you can't understand the contract, run. Administrative fees will eat up your savings.

[retiredguy123]

Originally Posted by Federspiel

I purchased 3 Fixed Indexed Annuities 13 years ago. Dumbest thing I have ever done. Read the contract in detail. You will never understand it.. Indexed usually to S&P 500. When market declines this year (and it will), buy a simple S&P 500 index fund. Had I done that, I would have been hundreds of thousands richer. If you can't understand the contract, run. Administrative fees will eat up your savings.

Unfortunately, most annuity companies will not to allow you to read the contract before you buy it. You pay the money first, and then they send you the contract. Then, if you don't like it, you have 30 days to ask for your money back. If you ask to review the contract in advance, they will get mad and refuse to provide it. That is a terrible way to do business.

[Eg_cruz]

Originally Posted by retiredguy123

Why not just buy CDs with your safe money?

Also, if some of your money is invested in stocks, you will get a reduced capital gains tax rate, but any income you earn in an annuity is taxed at your ordinary tax rate.

There benefits in fixed annuities that CD’s don’t have.
Capital gains only coming to play after you’ve had any investment for 12 months, the OP wants income now.

[Eg_cruz]

Originally Posted by Federspiel

I purchased 3 Fixed Indexed Annuities 13 years ago. Dumbest thing I have ever done. Read the contract in detail. You will never understand it.. Indexed usually to S&P 500. When market declines this year (and it will), buy a simple S&P 500 index fund. Had I done that, I would have been hundreds of thousands richer. If you can't understand the contract, run. Administrative fees will eat up your savings.

There are no admin fees on Fixed annuities unless you add riders. Sounds like you have an agents that doesn’t care.
Sorry they didn’t sell the right one to you.
Not all annuities are created equal. You are right buyer beware.
Stop adding riders to your annuities

[Eg_cruz]

Originally Posted by retiredguy123

Unfortunately, most annuity companies will not to allow you to read the contract before you buy it. You pay the money first, and then they send you the contract. Then, if you don't like it, you have 30 days to ask for your money back. If you ask to review the contract in advance, they will get mad and refuse to provide it. That is a terrible way to do business.

Simply not true
The companies have outlines and sample contracts.
If the agent doesn’t want you to have you are not run from them.

[retiredguy123]

Originally Posted by Eg_cruz

Simply not true
The companies have outlines and sample contracts.
If the agent doesn’t want you to have you are not run from them.

It is absolutely true. I have had several nasty conversations with annuity salespeople when I tried to get a copy of a contract to review for a friend. They flat out refused to provide the contract. And, an outline, a sample contract, or a fancy brochure are not the same as the actual contract. None of the information in those documents can be enforced. I learned a long time ago, that you should never sign a contract that you are not allowed to read before signing. That is just common sense.

[Caymus]

Originally Posted by retiredguy123

Why not just buy CDs with your safe money?

Also, if some of your money is invested in stocks, you will get a reduced capital gains tax rate, but any income you earn in an annuity is taxed at your ordinary tax rate.

From what I understand, at times MYGAs pay higher rates than CD's. Currently they seem to be about equal.