[PersonOfInterest]

Originally Posted by oneclickplus

Aaah - but times are not what they used to be ... even if one considers 2012 "recent". We are DEEP in uncharted territory. MASSIVE government and personal debt, rise of nations (BRICS, EU, Eurasian Economic Union, ASEAN) and the breakdown of society (WEF, UN, Bilderberg, woke this and that, crime unpunished, elected leaders can't define a "woman", etc). In my opinion, if you plan to live even 5 more years, you better plan for a way to survive when money fails. That's right. The US dollar is being destroyed. It's destruction will be complete in very short order. The massive US debt was only possible when other nations relied on the US dollar. Reliance on the US dollar by other nations is being whittled away almost daily now. Like approaching a cliff, the drop in buying power will be sudden and catastrophic. Once you see it happen, it will be too late to do anything about it. Better to see it now. What will you do when any money you have will not buy what you need? When you can't buy food ... water ... electricity ... What will society look like when money stops working? What will the criminals today do when they have trouble eating? The path we are on is unsustainable. Anything unsustainable will come to an end. No financial advisor or investment group can help you or anyone with this dilemma. No leaders can fix the problems any longer. There aren't enough rich people to tax. We are well past the point of no return. If one thinks things will just go on as they always have, they are mistaken.

We are destined for destruction. We are doomed!

Which will come first, the collapse of our monetary system or Rapture?

[MidWestIA]

HHMMmm you mean like BEFORE Trump your financial people had to be a fiduciary and not sell you crap for a big commission but then Trump quietly changed that so they do NOT have to be a fiduciary now? Those tv ads make sense now otherwise why do they even need to say that?

[rsmurano]

You think the only vulnerable people are the elderly? Far from it. I’ve seen this for decades. If you go to a financial advisor/broker dumb founded, you are screwed! This goes for most things in life too, but it can really sting in the financial arena. Why do you think the term “fiduciary” has come up so much lately?

“A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties. Typically, a fiduciary prudently takes care of money or other assets for another person.”

Most people have no idea on what loaded funds are, what their fund expenses/fees are, or their tax consequences are when they go get help so they don’t know if what they have is good for them or good for the advisor.

This goes for asking somebody their advice on their advisor/broker if they are any good. If you don’t know the basics, nobody is going to know how that are actually doing. Why do you think annuities are so popular? People think that making X money for the rest of their life from an annuity is a good thing, but in reality, these people are losing money over the long run with an annuity compared to investing in broad index funds and holding them for the long term.

[Caymus]

Originally Posted by rsmurano

You think the only vulnerable people are the elderly? Far from it. I’ve seen this for decades. If you go to a financial advisor/broker dumb founded, you are screwed! This goes for most things in life too, but it can really sting in the financial arena. Why do you think the term “fiduciary” has come up so much lately?

“A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties. Typically, a fiduciary prudently takes care of money or other assets for another person.”

Most people have no idea on what loaded funds are, what their fund expenses/fees are, or their tax consequences are when they go get help so they don’t know if what they have is good for them or good for the advisor.

This goes for asking somebody their advice on their advisor/broker if they are any good. If you don’t know the basics, nobody is going to know how that are actually doing. Why do you think annuities are so popular? People think that making X money for the rest of their life from an annuity is a good thing, but in reality, these people are losing money over the long run with an annuity compared to investing in broad index funds and holding them for the long term.

From what I am researching annuities are not all created equal. For me an immediate fixed income annuity could be beneficial to me in the future when I reach the RMD age.

[Robbb]

Originally Posted by Caymus

From what I am researching annuities are not all created equal. For me an immediate fixed income annuity could be beneficial to me in the future when I reach the RMD age.

How? Annuities are taxed as ordinary income, capital gains and dividends are taxed at a much lower rate, between 0 and 20%. So how would an annuity be beneficial when you reach RMD. In fact what does RMD have to do with it at all??

[Stu from NYC]

Originally Posted by Caymus

From what I am researching annuities are not all created equal. For me an immediate fixed income annuity could be beneficial to me in the future when I reach the RMD age.

If you have a ways to go to reach retirement age, I believe a better way is a basket of good no load mutual funds. Compare history with what an annuity is offering.

An old saying is annuities are never bought they are sold.

Also what does this have to do with RMD?

[Caymus]

Originally Posted by Stu from NYC

If you have a ways to go to reach retirement age, I believe a better way is a basket of good no load mutual funds. Compare history with what an annuity is offering.

An old saying is annuities are never bought they are sold.

Also what does this have to do with RMD?

The vast majority is in ETF's and index funds, the balance is in treasuries. From what I read the payout from a qualified annuity also satisfies the RMD for that account.

I have about 8 years to research.

[petsetc]

And as always;

My addition to investment advice - take time to read Paul Merriman’s 3 FREE ebooks.
1. First-Time Investor
2. 101 Investment Decisions
3. Get Smart or Get Screwed (read this first!)

Found at paulmerriman.com

Also on his site are recommended portfolios for using Vanguard, Fidelity, T.Rowe Price or Schwab for DYI'ers. Much good info, ignore the puffery and sales pitches.

Also, if you want to know too much about annuities, listen to Stan The Annuity Man® | Brutally Honest Facts About Annuities podcasts.

Podcast - Have Fun With Annuities(R) | The Annuity Man

Last recommendation is FIRECalc: A different kind of retirement calculator , a Monte Carlo simulation of your future.

FWIW

[bp243]

Originally Posted by Boomer

Hey, man……

Thanks for the book review. I just now ordered it. Good reviews. Even though the book has been around for a while, it sounds like the premise is more current than ever.


BUT can you explain why being written from a woman’s perspective is, according to you, a caveat.

AND there is nothing wrong with a little leaning. The extremes ( notice the plural) are what’s doing us in.

SO? Women can’t have strong opinions, but men can?

wow…….

Boomer

Thank you, Boomer! I'm wondering the same thing.

[mntlblok]

Originally Posted by petsetc

And as always;

My addition to investment advice - take time to read Paul Merriman’s 3 FREE ebooks.
1. First-Time Investor
2. 101 Investment Decisions
3. Get Smart or Get Screwed (read this first!)

Found at paulmerriman.com

Also on his site are recommended portfolios for using Vanguard, Fidelity, T.Rowe Price or Schwab for DYI'ers. Much good info, ignore the puffery and sales pitches.

Also, if you want to know too much about annuities, listen to Stan The Annuity Man® | Brutally Honest Facts About Annuities podcasts.

Podcast - Have Fun With Annuities(R) | The Annuity Man

Last recommendation is FIRECalc: A different kind of retirement calculator , a Monte Carlo simulation of your future.

FWIW

Couple of thoughts come to mind. A basket of funds *may* continue to outperform. Have even heard that past performance might not guarantee same in the future.

Only recently learnt who invented that Monte Carlo thing. The third guy in the pic was also rather brainy. Not sure I know how to get the pic to show up, though, as it doesn't show in "preview". . .
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[manaboutown]

Originally Posted by bp243

Thank you, Boomer! I'm wondering the same thing.

Then read the book. The answers to your questions are evident within its pages.

[Pugchief]

Originally Posted by Caymus

Too bad they can't be honest. There are probably times when annuities could be a good pick for certain people.

The only people those annuities are a good pick for is the guys selling them.

[Pugchief]

Originally Posted by golfing eagles

Or maybe America will wake up and get rid of the tax and spend idiots.

That would be lovely, but I wouldn't hold my breath....

[Robbb]

Originally Posted by Caymus

The vast majority is in ETF's and index funds, the balance is in treasuries. From what I read the payout from a qualified annuity also satisfies the RMD for that account.

I have about 8 years to research.

Yea keep looking into that, I have never heard that an annuity would satisfy an RMD. Unless your advisor is saying you should hold an annuity in a tax deferred account. If that was the case I would get another advisor.

[Stu from NYC]

Originally Posted by Robbb

Yea keep looking into that, I have never heard that an annuity would satisfy an RMD. Unless your advisor is saying you should hold an annuity in a tax deferred account. If that was the case I would get another advisor.

I do believe that you take funds out of an IRA and 401 to satisfy an annuity. Something is rotten in Denmark as my friend Hamlet used to say