[Dusty_Star]

Originally Posted by Tvflguy

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]

Originally Posted by TheWarriors

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]

Originally Posted by Stu from NYC

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]

Originally Posted by phylt

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