[Eg_cruz]

Originally Posted by dewilson58

"extremely pleased" with what rate of return???

There is no rated of a return in a SPIA…….I don’t agree with you about annuities other then Variable and SPIA are not the best. With as low as interest rates are there is no reason to do a SPIA just but the funds in bank and your funds will last the same

[noslices1]

Originally Posted by Eg_cruz

I like to see that ……I know NY Life and five yrs ago they were not paying 7% to the annuitant

Apparently you don’t know them that well. This is a lifetime annuity with a ten year guarantee, so if I die within ten years, they will only have to pay what would have been paid up to ten years, but I’ll break even at 15.5 years and get all my money back. I’m 77 now, so hopefully I’ll get past that point.(My mother died at 94 and my dad at 101). Fixed payment is actually 7.98% payout per year. It is only 4 years old.

[retiredguy123]

Originally Posted by Eg_cruz

That is simply not true. You can get a sample policy from any company……..I think you have been dealing with the wrong agents for sure

Everything I said is true. I don't know what you mean by a "sample policy", but every annuity salesperson I have talked with (at least 5, including 2 locally) has refused to provide an actual annuity contract. They will gladly send you plenty of brochures, DVDs, and literature explaining how great the annuity is, but they will not provide the contract that you will need to sign. I understand that some annuity contracts are more than 150 pages long, but it would be easy to email an electronic copy or post it online.

[Pballer]

You should look at the web site Immediate Annuities - Income Annuity Quote Calculator - ImmediateAnnuities.com. You can compare payouts under various scenarios (ex. joint life, single life) there as well as getting quotes from several insurance companies, and purchasing one through their web site. SPIAs are not the high commission, high fee variable annuity products that people rightly complain about. SPIAs help insure that you will not outlive your money, though importantly they do not protect you from inflation. I would wait until the Fed raises interest rates to purchase one because the payout rates are very low now.

[Mrprez]

I found a cure for my insomnia, I keep my annuity contract on my night stand. 5 minutes with that and I am sound asleep.;-)

[butlerism]

Will not be possible.

You park your money with a casualty company.

They use our money to collect interest and cover losses while preserving our capital, that is how they do business.

You are trying to buy a set of Golf Clubs at a Fish market.

Do some more research!

A broker is best you will get

[Ghat724@gmail.com]

I have annuity plans with both USAA and NSS Life. I prefer NSS Life, a fraternal association.
What most people do not understand and brokers are not quick to point out is that you never have to annunitize. That means one can continue to grow the money in the annunity account and then take the whole amount out ----never signing an annunity contract that gives up control of your money for a lifetime monthy payment. One has to live a very long time to be ahead. Of course if you die early, the insurance company wins! I would never sign an annunity contract, but would use an annunity account to accumulate wealth and I decide how to use it and who to leave it to when I die. I am not a broker or sales person. NSS Life has a plan that for money one can put away for 8 years they will give 3.5% interest with no fees. Only $1,000 to open an account, put in as much additional money as one wants without increasing the lockup time. I would be pleased to give one more information about NSS Life. Call Mike at: (412) 996-0222

[Heyitsrick]

For the people here saying "you can't get a contract before you buy", you couldn't be more wrong. Why would anyone buy a contractual product - which is what annuities are - without actually reading the contract? That's absurd. Now, does that mean there aren't unscrupulous annuity sellers out there? No. But annuities are contracts. Never, ever buy an annuity where you don't know what the contract guarantees.

I would easily and enthusiastically recommend anyone interested in the good, the bad and the ugly about annuities (and how they are often marketed) visit the "Stan The Annuity Man" website. This guy's motto is simple: ONLY purchase an annuity for what it contractually WILL DO, not what it MIGHT DO. There are other things to consider as to whether you actually need or should get an annuity, but insofar as what some sleazy salespeople might say, forget about what's "possible" with annuities. They are contracts. You're ONLY concerned with what is contractually guaranteed to you...period.

Stan The Annuity Man(R) | Brutally Honest Facts About Annuities is Stan's site.

He's got a ton of YouTube videos on all manner of annuities. He welcomes anyone who wants to challenge him (including you) on the value of annuities. So go ahead...challenge him. But in the meantime, get informed.

And guess what? He'd be the first person to advise you NOT to get an annuity if you didn't need one to contractually one of four possible needs: Principal Protection, Lifetime Income, Legacy and Long Term Care. That's his "PILL" acronym.

Annuities are NOT investments. They are NOT growth vehicles. They ARE a transfer of risk. If what you have are just stocks and bonds, you have assets. What happens with assets? People are afraid to sell them. People die with assets. Annuities are an income stream. The income comes every month. What do people do with an income stream? They spend it! Why? Because the same income is coming again next month. It's really that simple. "But...but...my stock portfolio has gained a ton this past year!" OK, are you cashing it in to actually -- wait for it -- enjoy it?

Watch this one video of Stan's about how to choose an annuity. Tell me after watching it that all he cares about is you buying annuities. You'd be lying if you did. In this one video (of many), he warns about sleaze ball sales people, he warns about people telling you what annuities "might do" vs. "contractually will do", he tells you that you may not even need an annuity, and he also tells you that there's absolutely still a need to have stocks/bonds and other traditional investments in your portfolio. Sound like someone who just wants you to spend all your money on annuities? Hardly.

Just watch...

[Stu from NYC]

Personally think one is much better off buying several different types of no load mutual funds and adding as you go.

Long term performance yields gains of 8-10% much better than annuity. Of course one must keep an emergency fund to tied yourself over in case of a market correction.

[retiredguy123]

[QUOTE=Heyitsrick;1995567]For the people here saying "you can't get a contract before you buy", you couldn't be more wrong. Why would anyone buy a contractual product - which is what annuities are - without actually reading the contract? That's absurd. Now, does that mean there aren't unscrupulous annuity sellers out there? No. But annuities are contracts. Never, ever buy an annuity where you don't know what the contract guarantees.

I agree that you should read a contract before signing it, but I don't know where to get one. A few friends have asked me for advice about specific annuities they were considering, but when I asked the companies for a copy of the contract, they refused to provide it.

I sent a message to Stan asking for a copy of an annuity contract to read. I hope he sends it to me.

[golden]

Originally Posted by Gigi3000

I keep running into road blocks with getting annunity information directly from the insurance company. They keep referring me to an agent but I all ready have a CFP. I'm checking into a Single Premium Immediate Annunity and a MYGA. Has anyone found an insurance company you can buy these from directly?

If Gigi3000 is miffed that he can't buy an annuity directly from an insurance company, try buying a new Chevy as it rolls off an assembly line. Autos and annuities are products and products generally have a channel of distribution. I don't know what Gigi3000 did for a living, but I assume it required some level of expertise for which he got paid. Folks who have expertise in products are called salesmen and they get paid via something dubbed a commission. Others who have expertise (lawyers, doctors) get paid by something called a fee. CFPs can get paid by either or both.

For those who have trashed annuities on this site, I would mention that annuities offer features that are important to seniors---death benefits, avoidance of probate, and the option to pay tax on gains when they choose.

Commissions are paid to the seller of an annuity. A purchaser should ask about the total costs of an annuity, which include commissions and expenses. It is not an unfair question to ask the seller how much he is being paid for the sale. A purchaser would be prudent to consider investing in an annuity with lower total costs.

Apparently, Gigi3000 has already picked out his products of preference. Those products he selected lock in an interest rate at current levels. Forty years ago interest rates were 16% and it generally takes 40 years for bond yields to completely cycle. So, Gigi3000 should understand that he is locking in a fixed interest rate at the bottom of the cycle.

Finally, it appears that Gigi3000 has a problem either proofreading or spelling the words annuity and the word already. Thus, it would probably behoove Gigi3000 not to buy anything directly and to seek as much advice as he can from either a commissioned or fee-based professional. But, if Gigi3000 is intent on not paying money for someone's expertise, I would be willing to perform his appendectomy in my garage.

[sail33or]

To all the folks that say what return they are getting:

They are paying you these returns with your "OWN" money you just gave them.

So theoretically I can give you any return you like up to the point "YOUR" money and its real return runs out.

Of course there are zillions of types and all complicated but it is no longer your money when you "BUY" an annuity.

BUY EXXON (pays huge dividend, always has) and quit worrying. Let them talk electric all they want, in your lifetime it takes more oil to manufacture, deliver and charge electric cars. As long as Jet Airplanes fly, Exxon will be paying dividends.

[Packer Fan]

Originally Posted by retiredguy123

Did you get the annuity contract before or after you provided the money? I have discussed annuities in great detail with several annuity salespeople, and every one of them told me that they will not allow a potential customer to read the contract until after they have invested in it. You pay the money first, then you get the contract to sign, and then you have 30 days to cancel the contract and request a refund. When I have told them that I would like to review the contract to advise a friend before investing, they get angry, and will not discuss anything further. I could never recommend that someone transfer a large amount of money into an investment contract without being able to review the contract in advance. I am just curious if that is the way you purchased an annuity or was the process different.

I got it before. I would never invest without the contract. Lincoln investments was the company. It’s a boilerplate contract. I would run from anyone who would not provide it. There is a trust issue there.

[joelfmi]

Vanguard annuity's is the best I have one for 25 Years and have made a lot of money.

[golden]

Hey Sail-

In 2018, my Dad did what you recommend and took his life savings, bought Exxon because it paid a 5% dividend, and then he quit worrying.

My Dad died in 2020. He paid $90/share in 2018 and the executor sold it for $30/share in 2020.

You're right--my Dad never worried, even now. I'm a little ticked off, however.