[dewilson58]

Originally Posted by Packer Fan

hmmm, interesting opinion. First- Since you use the "4% rule" to pull from a portfolio, and most Annuities pay out in the high 5s or low 6% range depending when you turn them on, not sure what you are talking about. Second, who cares about "fees", it is the money you get every month. Last, you don't put everything in an Annuity, just a portion of your portfolio to have steady income.
On top of that, the rate of return on my stocks and bonds in the past 2 years is negative, my annuities with gauranteed income riders went up.

You (& do mean you) respond to my post and use "you" a lot.
None of the "you's" posted about me is true.

[retiredguy123]

Originally Posted by Packer Fan

Please provide your proof. I can tell you I have NEVER been sold an annuity and own several. I researched them, quoted them, and bought what made sense for me. I have several types, each for different reasons. I did a lot of research, starting with Wade Pfau's book and going from there. Most academics who do not sell annuities feel that most people should own at least a SPIA in retirement to provide a buffer against market moves.
Mine are part of a comprehensive plan I have for my retirement. Where else can you get a withdrawal rate of 6% with no risk? Where else can you get a 5.5% compound interest rate for 4-7 years but in a MYGA right now? I really think that people need to learn more versus just believing the haters.

The interest rates on 5-year brokered CDs offered by Fidelity and Vanguard are comparable to the currrent MYGA rates, but brokered CDs have FDIC insurance, and they have lower early withdrawal penalties as compared to the MYGA surrender fees.

I don't know what an "academic" is, but most fee-only financial planners would not recommend annuities as a primary retirement investment.

You may have never been "sold" an annuity, but, I can guarantee you that unscrupulous insurance salespeople are selling them to trusting, uninformed people every day. I have reviewed many people's portfolios who were sold a totally inappropriate variable annuity by someone they trusted with their life savings. In many cases, they didn't even know that they owned an annuity because the salesperson didn't tell them. In some cases, they were advised to transfer their entire IRA balance into an annuity with way higher fees and restrictions than they were paying. It makes no sense to transfer taxed deferred IRA funds into a variable annuity. These people were ripped off by a trusted friend or relative who made a huge commission at their expense. It happens way too often.

[mazbarth]

I lost a great deal of money leaving money in an annuity! Find a different way to invest.

[Cybersprings]

Originally Posted by Packer Fan

Finally a measured response with facts. Totally agree. I have my entire "minimum dignity floor" covered with gauranteed income - 2 small pensions, some annuities and of course the best annuity - Social Security.

If these annuity haters don't like annuities, they should not take their Social security.
Ed

I think you made a great point about covering your basic minimum needs with guaranteed income. But I am baffled about your comments about social security. 1. Social security is far from the best annuity. If 15% of my income for the last 42 years had been invested in something other than social security, it would be worth far more than what I will receive from it in my lifetime. 2. "If these annuity haters don't like annuities, they should not take their Social security." What a ridiculous statement. If you don't like annuities, then don't take the money that you were forced to pay in for most of your life. Makes perfect sense....oh wait.

[walterray1]

Originally Posted by Cybersprings

I think you made a great point about covering your basic minimum needs with guaranteed income. But I am baffled about your comments about social security. 1. Social security is far from the best annuity. If 15% of my income for the last 42 years had been invested in something other than social security, it would be worth far more than what I will receive from it in my lifetime. 2. "If these annuity haters don't like annuities, they should not take their Social security." What a ridiculous statement. If you don't like annuities, then don't take the money that you were forced to pay in for most of your life. Makes perfect sense....oh wait.

one of the largest and best know sellers of annuities in The Villages area has just been sold by Greg Parady to a company called Risk Strategies. Looks he got his so hopefully all those who have invested with them will get theirs.

[keepsake]

" Most annuity contracts are more than 100 pages, and the company will not allow you to read it until you pay the money and agree to buy the annuity. "

Same with any trip to Advent Health. You are forced to sign or no treatment -- then you want your legal copy -- nada -- you have to 'go to records' weeks later for anything. Advent hides behind photos of Jesus so you are mislead that they are a reputable outfit.

[retiredguy123]

Originally Posted by keepsake

" Most annuity contracts are more than 100 pages, and the company will not allow you to read it until you pay the money and agree to buy the annuity. "

Same with any trip to Advent Health. You are forced to sign or no treatment -- then you want your legal copy -- nada -- you have to 'go to records' weeks later for anything. Advent hides behind photos of Jesus so you are mislead that they are a reputable outfit.

Note that some health care providers require patients to sign an agreement to change the Florida law's "non-binding" arbitration clause for medical disputes into a "binding" arbitration. These agreements have been challenged in the courts and have been ruled to be unenforceable because they circumvent the Florida law.

[Packer Fan]

Originally Posted by dewilson58

You (& do mean you) respond to my post and use "you" a lot.
None of the "you's" posted about me is true.

When a person comments on your use of words, It means your point was made.

[Packer Fan]

Originally Posted by mazbarth

I lost a great deal of money leaving money in an annuity! Find a different way to invest.

An annuity is not an investment, it is insurance. There is the mistake.

[Packer Fan]

Originally Posted by Cybersprings

I think you made a great point about covering your basic minimum needs with guaranteed income. But I am baffled about your comments about social security. 1. Social security is far from the best annuity. If 15% of my income for the last 42 years had been invested in something other than social security, it would be worth far more than what I will receive from it in my lifetime. 2. "If these annuity haters don't like annuities, they should not take their Social security." What a ridiculous statement. If you don't like annuities, then don't take the money that you were forced to pay in for most of your life. Makes perfect sense....oh wait.

You have a point about social security, but the reality is you have to pay into it. It does not change the fact that it is an annuity. My point was that some who say they hate annuities love their Social Security, when it is just an annuity.

[npwalters]

Originally Posted by Packer Fan

An annuity is not an investment, it is insurance. There is the mistake.

Actually, while most annuities are sold by insurance companies, a lifetime guaranteed annuity is the exact opposite of life insurance. In a lifetime annuity the company is betting you will die at or before an age calculated by the company.

[Packer Fan]

Originally Posted by mazbarth

I lost a great deal of money leaving money in an annuity! Find a different way to invest.

Only way you can lose money in an annuity is in a variable annuity. One of like 20 types so let’s condemn every annuity. I suppose you love stocks and bonds because you can’t lose money right?