re: Lifetime Income Annuity?

quote:

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Annuities are for chumps. If you and your spouse die in a car accident, your kids get nothing. Those insurance actuaries like annuities for a reason...it enriches insurance companies.

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FWIW, I hate when people make a statement like this that other people are obviously going to read (and potentially digest as good advice)...Especially given the fact that it is completely over generalized, unspecific, and flat-out false because of that.

#1 there are many different types of annuities...income annuities, fixed annuities, variable annuities, index annuities, pension annuities, annuities with riders, annuities with LTC, etc etc etc.

#2 they are all different and all serve a different purpose and accomplish different things and have different options. The bulk of non-SPIA annuities are never even converted to an income stream.

#3 assuming you are talking about an income annuity or "SPIA", and not other annuities more built for accumulation/ tax benefits/protection/savings (fixed, index, variable, etc), you basically just said "pension plans are for chumps." Not to mention you obviously have no clue what the term Cash Refund Annuity means, based on your assertion of "you die, money gone."

I'm not advocating for or against annuities in general - they are merely another investment option with its own positives and negatives that can be a part of some people's overall plan and can conversely have No role in another persons plan - ... I'm just 100% opposed to people talking out of their arse when they obviously should be listening and learning Instead of sharing financial advice/assistance to others that might unfortunately actually be listening to said uninformed and amateur advice.