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09-06-2024 09:42 PM |
Quote:
Originally Posted by phylt
(Post 2367405)
We both have owned Variable Annuities for over 10 years. Have been receiving $$$ from them monthly which is...nice. But, knew that fees were very high.
We met with Amerity Financial, Ross Beattie this week. He is located near the Brownwood hotel on Rt 44. 352 633 3777. Our experience with Ross was exceptional. He reviewed our finances, and the Variable Annuities we had in detail with us. Called each of the Annuity companies to obtain all info re status, past fees, transfer info, etc. Very professional and very knowledgeable.
In the end we transferred funds OUT of these Variable Annuities into Fixed Indexed. They have FAR lower fees, more income, better rates of return. All around a better financial move. We are extremely pleased.
Ross was a wonderful expert in this field, zero pressure, and provided unbiased information of possible moves. We highly recommend him for anyone with a Variable Annuity, or considering Annuities in general. Annuities may have a bad reputation, BUT if invested properly in the best instrument they can be a great source of income with solid security.
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So after reading the whole thread I went back
To the OP to answer because there was just so much bad information.
1. Variable annuities and indexed annuities are NOT investments (ok bad investments). If you want an investment buy indexed ETFs. These annuities are only good for one thing- the income riders. I have one of each specifically for the income rider which gave us more income than a SPIA without losing access to the principal. Mailbox money and longevity insurance- that’s it.
2. With Multi year guaranteed annuities (MYGAs) paying over 5% guaranteed why would you buy an indexed annuity? You will never make more than 5% with one- the fees are too high. I can tell you why you didn’t - this dude sold you a bill of goods because he got a big commission. You said nothing about income riders so I assume he never mentioned MYGAs did he? Yeah.
3. This feels like churning. He moved you to a different annuity for his commission. This is what gives annuities a bad name.
I am obviously not anti annuity - I am very pro annuity with the right type and for the right reasons but this doesn’t feel that at all
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