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-   Investment Talk (https://www.talkofthevillages.com/forums/investment-talk-158/)
-   -   Annuity - from Variable to Fixed (https://www.talkofthevillages.com/forums/investment-talk-158/annuity-variable-fixed-352722/)

Tvflguy 09-06-2024 03:13 PM

Quote:

Originally Posted by dewilson58 (Post 2367934)
Delete "involved with finance etc etc" and the statement is correct.

Meaning Advisors, Tax Prep, Money Managers etc etc. ALL are in business for profit.

dewilson58 09-06-2024 03:37 PM

Quote:

Originally Posted by Tvflguy (Post 2367939)
Meaning Advisors, Tax Prep, Money Managers etc etc. ALL are in business for profit.

Meaning every business is in the business for profit.

TheWarriors 09-06-2024 03:50 PM

Quote:

Originally Posted by retiredguy123 (Post 2367669)
I don't understand what you are saying. Money that you "earn" in either an IRA or an annuity is taxed as ordinary income. It is not considered a capital gain. I am currently withdrawing RMD funds from my IRA, and it is taxed as ordinary income. If you buy an annuity, you are buying a life insurance policy, so you don't actually own any stocks or bonds in your name, and you cannot accumulate any capital gains, only ordinary income.

If you are at the RMD point of life, taxes are the last thing you should be concerned with ;)

TheWarriors 09-06-2024 03:55 PM

Quote:

Originally Posted by MrFlorida (Post 2367743)
Glad you like your investment guy, just remember, these guys are in business to make money off of you, they are not your friends.

If investment planners knew what they were doing, the last thing they would be doing is talking to you. They’d be selfishly reaping the benefits of their knowledge.

dewilson58 09-06-2024 04:04 PM

Quote:

Originally Posted by TheWarriors (Post 2367962)
If investment planners knew what they were doing, the last thing they would be doing is talking to you. They’d be selfishly reaping the benefits of their knowledge.

Could be doing both.

If I listen to someone about investments....................I want them to be a lot lot richer (thru investing) than me.

Dusty_Star 09-06-2024 04:58 PM

Quote:

Originally Posted by Tvflguy (Post 2367936)
I’ve learned something. To each their own. If they are pleased so be it. So many here are myopic. And some narcissistic. I would believe that the OP is very conservative with their finances. And perhaps serious about not taking much risk, especially with what can happen and impact Wall Street and such the next few years.

& of course OP is your partner.

Stu from NYC 09-06-2024 05:30 PM

Quote:

Originally Posted by TheWarriors (Post 2367962)
If investment planners knew what they were doing, the last thing they would be doing is talking to you. They’d be selfishly reaping the benefits of their knowledge.

Remarkable when you ask these so called investment planners their background, so many have just done some on the job training and have access to computer program. So few people will ask questions like this.

I do and often have to ask numerous questions to finally get an answer.

Packer Fan 09-06-2024 09:21 PM

Quote:

Originally Posted by Stu from NYC (Post 2367469)
Annuities are sold and never purchased. Sales rep does very well selling them.

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.

Packer Fan 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.

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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