[TerryCamlin]

Originally Posted by Bobnfl

Our adviser is suggesting a Guaranteed Annuity for some extra monthly income. Please inform me of the pros and cons. $265k for a $1675 monthly income for life. Break even is at 13yrs. Is it worth it. It is with a AA+ rated company. There are no fees but once invested there is no refund or backing out. You have it for life. We are now 70yo. 3 years from RMD. Help us make a decision
Thanks for any help you can give.

I would not do it. If the Company goes under you get nothing. I have always been my own advisor. With today's interest rates get a CD you will make more in the long run and if you die your heirs get nothing with this deal. I am happily surprise at how much I am making these days with simple compounding interest.

[Karmanng]

Originally Posted by Bobnfl

Our adviser is suggesting a Guaranteed Annuity for some extra monthly income. Please inform me of the pros and cons. $265k for a $1675 monthly income for life. Break even is at 13yrs. Is it worth it. It is with a AA+ rated company. There are no fees but once invested there is no refund or backing out. You have it for life. We are now 70yo. 3 years from RMD. Help us make a decision
Thanks for any help you can give.

I would not do it.........you can get the same $$ from didvidend stocks, or any tax free mutual funds like Franklin tax free or even Cd and tie up your money with them for a few months at a time while rates are high........

[Caymus]

Originally Posted by Packer Fan

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

I listen to their podcast.

[jimbomaybe]

Originally Posted by Packer Fan

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

Risk is always present to one degree or another from any number of factors, the greater the return the greater the potential risk, the lowest risk would be United States Government Bonds, it is not unheard of that financial companies go bankrupt

[rsmurano]

Annuity companies are vultures, they prey on people who don’t know how to handle their money. Same goes for brokers and advisors.
As far as dave Ramsey, along with suze orman, I wouldn’t listen to them for advice at all. Suze is particularly bad because the 1st thing she wants you to do is pay off your home, even if you can’t afford living there. Dave has good ideas about getting out of debt, but that’s it.
If you want a good book on investing, read any or all from John Bogle, and become a boglehead.

[JRcorvette]

Originally Posted by Bobnfl

Our adviser is suggesting a Guaranteed Annuity for some extra monthly income. Please inform me of the pros and cons. $265k for a $1675 monthly income for life. Break even is at 13yrs. Is it worth it. It is with a AA+ rated company. There are no fees but once invested there is no refund or backing out. You have it for life. We are now 70yo. 3 years from RMD. Help us make a decision
Thanks for any help you can give.

Read all the Small Print…. Many of these will pay until you die and then whatever is left the Company gets to keep. Very risky in my opinion. Go talk to Greg Parady first… he will give you honest advice.

[Topspinmo]

Originally Posted by Bobnfl

Our adviser is suggesting a Guaranteed Annuity for some extra monthly income. Please inform me of the pros and cons. $265k for a $1675 monthly income for life. Break even is at 13yrs. Is it worth it. It is with a AA+ rated company. There are no fees but once invested there is no refund or backing out. You have it for life. We are now 70yo. 3 years from RMD. Help us make a decision
Thanks for any help you can give.

Was his name SAM???? Remember it’s your money spend it, give it away, or lose it how you wish. I would be very suspicious of that scheme? But that me. By my calculations you would only break even in 13 years providing you live that long. Another thing, what’s 1695. Going to be worth in 13 years? It Vegas owner bet, he have no skin in game till 13 years plus plus he had 265K to invest. Now if the company done everything right and not bankrupt you may of made out even or better of live more than 84?

[Dusty_Star]

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.

Excellent contribution to the thread. I sincerely hope Miadford reads your comment, for her own benefit.

[ShaSha]

Run! I did this…
Backed out after 3 years. Had to have an attorney. Your advisor makes the $$$. Ours was brought up on charges for selling and misrepresenting the actual facts. Why tie up your money? It is NOT a liquid investment. Liquidity is always better as you age.

[retiredguy123]

Originally Posted by ShaSha

Run! I did this…
Backed out after 3 years. Had to have an attorney. Your advisor makes the $$$. Ours was brought up on charges for selling and misrepresenting the actual facts. Why tie up your money? It is NOT a liquid investment. Liquidity is always better as you age.

I agree with staying liquid with your money. Annuity salespeople misrepresent the facts and they won't allow you to read the contract. Verbal promises are worthless, but a lot of people will buy an annuity based on them.

[Robbb]

Originally Posted by rsmurano

Annuity companies are vultures, they prey on people who don’t know how to handle their money. Same goes for brokers and advisors.
As far as dave Ramsey, along with suze orman, I wouldn’t listen to them for advice at all. Suze is particularly bad because the 1st thing she wants you to do is pay off your home, even if you can’t afford living there. Dave has good ideas about getting out of debt, but that’s it.
If you want a good book on investing, read any or all from John Bogle, and become a boglehead.

Yea I agree with you to a point, however the boglehead "thing" of 60/40 with 50% of equities in foreign stocks really has not worked out well over the last decade or so. Foreign stocks have significantly underperformed US markets and bond returns over the past decade to date have been flat if not had negative returns. The bond crash over the past 2 years has erased any gains over the past 10 years.