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-   Investment Talk (https://www.talkofthevillages.com/forums/investment-talk-158/)
-   -   Annunities (https://www.talkofthevillages.com/forums/investment-talk-158/annunities-323337/)

spinner1001 08-27-2021 05:51 AM
Quote:
Originally Posted by Gigi3000 (Post 1994735)
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?
Licensing may be the reason for your experience with the insurance company. Insurance ‘agents’ are licensed by a state’s insurance regulator (in Florida, the Division of Insurance
Agent and Agency Services) to talk with customers in a particular state. The people at the insurance company may not be licensed by the state of Florida to represent the company to customers.

arbajeda 08-27-2021 06:04 AM
Why aren't you talking to your CFP about this? That's why you're paying him.

Eg_cruz 08-27-2021 06:04 AM
Quote:
Originally Posted by Blueblaze (Post 1994894)
The first problem with annuities is that you have to buy them from a salesman.

The worst problem with annuities is that when you do the math, you realize you're tying up your money for 10 years to get the same return you could get from a 3-year federally-insured CD. Don't be fooled by the fake "equivalent return" numbers they quote. The number to look at is the internal rate of return. It never even matches the inflation rate.

It's always been a mystery to me that no 100-year-old insurance company has the confidence in their investment team to write a contract that simply guarantees a reasonable fraction of historic stock market returns. They would clean up on the spread, and put the stock brokers out of business! Think of it -- they have the longevity to survive dips in the market (unlike us mere humans), they have the knowledge and experience to successfully play the market -- and they even get to keep what's left in your "account" when you die! So why aren't they willing to write a non-crooked contract that does something beyond just dribbling your own money back to you until you kick the bucket?

I guess the answer is they don't have to. There is an endless supply of marks who won't or can't do the math.

I would LOVE to buy an annuity and quit worrying about how to invest my money. So far, I've never found one that wasn't a scam.
You really don’t know what you speak of……

noslices1 08-27-2021 06:08 AM
I have one through N Y Life that pays 7.8%, but got that 5 years ago, so I don’t know what they pay now. It was an immediate pay annuity.

Bridget Staunton 08-27-2021 06:09 AM
I have Lincoln Financial oldest in the nation. Got it from my Financial Planner

Eg_cruz 08-27-2021 06:12 AM
Quote:
Originally Posted by rlcooper70 (Post 1994952)
Huge commissions with fixed annuity. If you want to use the variable annuity as a means to invest in mutual funds, call Fidelity they will lead you through the way to purchase.
Why would anyone buy a variable annuity to purchase mutual funds……..sorry that makes zero since. Variable annuities come with higher cost, you have M&E, administration, and fund manager fees wrapped in the annuity anywhere from 2-3%. Just go buy the MF. Having an annuity just to have funds is NOT what annuities are design for

Eg_cruz 08-27-2021 06:14 AM
Quote:
Originally Posted by noslices1 (Post 1994974)
I have one through N Y Life that pays 7.8%, but got that 5 years ago, so I don’t know what they pay now. It was an immediate pay annuity.
I like to see that ……I know NY Life and five yrs ago they were not paying 7% to the annuitant

FredJacobs 08-27-2021 06:29 AM
Quote:
Originally Posted by Gigi3000 (Post 1994735)
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?
I retired after 20 years training and teaching insurance products. An annuity can ONLY be purchased from an insurance company, Yes, mutual fund companies sell annuities but it is through their insurance division.

An immediate annuity usually makes sense for someone with a longer life expectancy. However, the annuity may not die when you do. There are many options for receiving your distribution - your whole life, for a period certain - 10, 20, years etc., for your life and the life of beneficiary and many other options. Each option affects the amount of the monthly distribution. A life insurance agent can give you the amount of distribution for each option.

I would suggest that you deal with a major insurance company - Met Life, Prudential, AXA (formerly Equitable), etc.

BlueHeronFan 08-27-2021 06:57 AM
Annuities are not for everyone but we did get one from Wells Fargo Investments. It has a minimum return of 6% and so far has grown very well. At 72 we are to receive a large monthly check. It includes insurance to cover in the event of death etc. So far, we have been quite satisfied with it.

Cranford61 08-27-2021 07:00 AM
Quote:
Originally Posted by Carla B (Post 1994908)
Thank You, Blueblaze, I think you uncovered the secret behind annuities.
Someone has to pay for those free seminar meals……..and YOU are the someone. Urp!

pennysue1 08-27-2021 07:30 AM
Annuities
 
If you are a military, I would call USAA. The number is

(800) 531-8722

Luggage 08-27-2021 08:07 AM
Hadasa
 
There is a woman's Jewish charity group called Hadassah and has been around 100 plus years or so and they have an ad in their magazine of someone that sponsors and annuity program. They give you the rates in the ad and I would suggest calling them up I believe they're actually in New York Hadassah to get the information on the company. I believe it's four and a half percent if you're 65 and it goes somewhere to 9%, if you sign up at 85. Yes you are tying up your money and it's a charity so that maybe it's a little bit better than others but I've never checked into it further. Has everyone says salesman do make a big commission but you're an adult and you should not put all of your money into anyone basket ever

retiredguy123 08-27-2021 08:18 AM
Annuity salespeople will promise rates and will make all kinds of claims about what the annuity will do for you. But, ask them to provide a copy of the entire annuity contract so you can read the actual contract that you will sign. I have tried many times to get a copy of an annuity contract and they have always refused to provide it and have sometimes gotten nasty about it.

Also, sometimes the promised annuity rate of 6 or 7 percent does not mean that is the rate of return on your investment. It often means that they will pay you that rate, but some of the money will come from the principal that you invested. Of course, if they won't let you read the contract, you don't know how it is calculated.

SacDQ 08-27-2021 08:19 AM
Annuities are like being mugged while your car is being stolen.

KRMACK55 08-27-2021 08:27 AM
Quote:
Originally Posted by Blueblaze (Post 1994894)
The first problem with annuities is that you have to buy them from a salesman.

The worst problem with annuities is that when you do the math, you realize you're tying up your money for 10 years to get the same return you could get from a 3-year federally-insured CD. Don't be fooled by the fake "equivalent return" numbers they quote. The number to look at is the internal rate of return. It never even matches the inflation rate.

It's always been a mystery to me that no 100-year-old insurance company has the confidence in their investment team to write a contract that simply guarantees a reasonable fraction of historic stock market returns. They would clean up on the spread, and put the stock brokers out of business! Think of it -- they have the longevity to survive dips in the market (unlike us mere humans), they have the knowledge and experience to successfully play the market -- and they even get to keep what's left in your "account" when you die! So why aren't they willing to write a non-crooked contract that does something beyond just dribbling your own money back to you until you kick the bucket?

I guess the answer is they don't have to. There is an endless supply of marks who won't or can't do the math.

I would LOVE to buy an annuity and quit worrying about how to invest my money. So far, I've never found one that wasn't a scam.
Thank you for stating it so clearly !
I did that as a young woman realized my error and got out !


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