[Barkriver]

🤣 🤣 😂

[Stu from NYC]

Originally Posted by cphague

1 - Do you not trust your advisor? If this individual is confusing you or giving you a high pressure sales pitch that you do not like, find another person or tell your advisor you are not happy.
2 - Why are you asking total strangers for financial advice? Would you go up to random people walking around and ask them what you should do with your money? Talk of The Villages participation does not guarantee knowledge and, as can be seen in the variety of opinions, can be very confusing.

It leads to an interesting discussion and some of us might even learn something.

[bigeasy]

No no no. Take the 5.5 % at the bank.

[Cliff Fr]

I agree with Sage. Either cd's or money market accounts would be a lot safer. But imo what you should do is seek the advice of a certified financial planner. They would be a fiduciary and would not be trying to push any particular investment

[Caymus]

Originally Posted by bigeasy

No no no. Take the 5.5 % at the bank.

All you need to do is predict inflation and interest rates for the next 20 years.

[Toymeister]

Duplicate post

[Toymeister]

Originally Posted by miadford@gmail.com

We’ve spoken to Skip West at West Financial and the annuity he talked to us about (we have not committed yet)...

Skip was very honest with us. He told us pros and cons.

Is this the same Arthur Eugene 'Skip' West who is charged with a felony? Why yes, yes it is!

https://www. Www. V*llagesn*wscom/2022/12/06/prominent-financial-adviser-arrested-after-alleged-attack-at-wolfgang-puck/

Space added between www. And v*llagesn*ws.

Of course he hasn't been convicted yet, so there is that.

[Caymus]

Originally Posted by Toymeister

Is this the same Arthur Eugene 'Skip' West who is charged with a felony? Why yes, yes it is.

https://www. Www. V*llagesn*wscom/2022/12/06/prominent-financial-adviser-arrested-after-alleged-attack-at-wolfgang-puck/

Space added between www. And v*llagesn*ws

Looks like he may need the annunity commission for his lawyer fees.

[cphague]

I completely agree with you and that's why I have read this discussion string as it is very interesting. I was just concerned that the initiator of the conversation was asking for guidance in an important financial decision from total strangers as opposed to an interesting conversation.

Or...I just misread the question!!

Originally Posted by Stu from NYC

It leads to an interesting discussion and some of us might even learn something.

[macawlaw]

Are you charitably inclined? Many nonprofit organizations offer gift annuities. The rate might be slightly lower, but there is no middleman making a profit. The proceeds can be directed into a fund that you predetermine.

For example, if you have a gift annuity with a university and there are proceeds left, they could fund a scholarship named for you and/or a family member.

Charitable gift annuities can be for one or two lives. Also, you can know what kind of endowment the charity has, which is an indicator if they will be around for your lifetime.

Good luck with your decision.

[Stu from NYC]

Originally Posted by Toymeister

Is this the same Arthur Eugene 'Skip' West who is charged with a felony? Why yes, yes it is!

https://www. Www. V*llagesn*wscom/2022/12/06/prominent-financial-adviser-arrested-after-alleged-attack-at-wolfgang-puck/

Space added between www. And v*llagesn*ws.

Of course he hasn't been convicted yet, so there is that.

We went to one of his dinners a few months ago and he pushed annuities as the best thing since sliced bread and how most people lose by buying stocks or funds.

The best thing about it was we had a very nice dinner.

[Packer Fan]

Originally Posted by Stu from NYC

There is an old saying, annuities are never purchased they are sold.

Which is baloney. I bought 2 as a part of a comprehensive financial plan I went and got quotes and I am very happy. I was not sold them. I know several others who did the same. Btw, I could not care less what the commission was because all I care about it the guarantees to ensure my minimum dignity floor

[Packer Fan]

Originally Posted by Goldwingnut

Rule #1 when investing - if you don’t understand what you’re investing in, don’t! If the person who’s recommending something can’t explain it to you so you can understand it, walk away.

If you’ve never heard of him, Dave Ramsey has a radio show (#3 nationally) that provides good financial guidance based on simple principles (don’t spend more than you make, save for retirement, don’t use credit cards, live debt free, etc) that is worth a listen. After nearly 20 years of listening to him I’m pretty sure he’d advise you not to buy an annuity.

Something to consider, if you give the money to this salesman (that truly is what you’re doing) you can never touch it again. They will give you a dole every month but you can never access the principal again. What if your life changes (that would never happen at 70 years old…) and tomorrow you need to lay your hands on some of the money, you can’t pull it from the annuity, that money is no longer yours to control. When you die, is there a survivorship? Likely not or very limited, maybe your spouse, but certainly it won’t continue yielding the monthly dole for generations to come. So what happens to the money, the company keeps it in payment for the “guaranteed income for life”. It’s not hard to figure out that they are betting on you not living as long as you are.

Wow, wingnut, I have been following you for a long time and this is the first time I strongly disagree. Dave Ramsey is great for get out of debt and I love the guy. However, his investment advice is close to malpractice. Invest in managed mutual funds and assume a 12% return is just crazy. So I tell people to get out of debt with Dave, then read simple path to wealth for investment advice. However, for retirement advice Wade Pfau is the only way to go. The foremost researcher in the retirement income space and he disagrees with you on annuities and so do I. As a small portion to guarantee a minimum income floor they are invaluable. The last 2 years is proof when stocks AND bonds are both down.

I totally agree with understanding what you are buying so read Wade Pfau’s books, especially the complete guid to retirement and you will make better decisions. Do NOT rely on Dave Ramsey for retirement advice PLEASE!

[rsmurano]

Originally Posted by Robbb

What index funds are you in that returned 25% this year?

Check out Vgt. This was 1 of three index funds I was/am in this past year. There are others too. Pretty easy since last year tech sucked and when things are down, then it’s time to buy. I also bought Apple at its low in the high 120’s late last year and rode that up then got out.

Use the stock/fund screener on your brokers website to see what you are looking for.
I have had these same index funds for many years. I sold everything Jan 1, 2022 and got into money markets that are paying over 5%. BUT, throughout the year, I put in a lot of money into a couple of these funds/apple while they were down and then got out of most of them when the peaked. When I think things are going to turn around in this world/stock market, I will sell all my money market funds and repurchase all my trusted index funds and get growth that we haven’t seen in a while. I don’t do bonds, don’t do annuities, just do low risk, high return, high dividends, low turnover, index funds with a couple of single stocks, and never use a broker or advisor

[Lindawc]

From everything I’ve read on annuities, they say don’t do it.