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Variable Annuities
Posted on 5/14/12 at 8:18 pm
Posted on 5/14/12 at 8:18 pm
Thinking about rolling over my drop money into one. What are negatives and positives?
5
Posted on 5/14/12 at 9:10 pm to kjntgr
Negative=expensive
Positive= guarantees for income and death benefit
Feel free to ask any questions.
Positive= guarantees for income and death benefit
Feel free to ask any questions.
Posted on 5/14/12 at 11:40 pm to rpg005
Why not a combination of fixed annuities and whatever index would make them variable?
Is this a tax avoidance move?
Is this a tax avoidance move?
Posted on 5/15/12 at 6:23 am to rpg005
quote:
Why not fixed annuities?
Now is not the time with rates so low in my opinion.
Posted on 5/15/12 at 9:35 am to Janky
Janky, when you say expensive, do you mean the fees my financial planner charges? The money is not needed for a few years.
Posted on 5/15/12 at 9:53 am to kjntgr
quote:
Janky, when you say expensive, do you mean the fees my financial planner charges? The money is not needed for a few years.
When he says expensive, he means the summation of the implict and explicit cost of a variable annuity are basically rape.
Whether they are stated by your financial advisor or embedded into the product is arbitrary.
Posted on 5/15/12 at 10:13 am to TheHiddenFlask
quote:
Janky, when you say expensive, do you mean the fees my financial planner charges? The money is not needed for a few years.
Like Flask said the cost of the annuity is quite expensive. For example, lets say you choose a 7 year product with a living benefit rider and maybe a high anniversary value death benefit. You will pay north of 3% annually including investment charges. Unless you buy an A share annuity (don't) your advisor will get paid regardless, but it won't directly be paid by you. I hope this helps. For some people it is worth it, especially if they know they will be using it for income purposes only. Let me know if you have any other questions.
This post was edited on 5/15/12 at 10:14 am
Posted on 5/15/12 at 10:29 am to TheHiddenFlask
Janky, thanks. I am not very financial savvy so your advice is helpful. What are your recommendations. Background info. Age 58 recently retired. Don't need the income right now. Amount 121 k. I trust my advisor, he is pushing this variable annuity. What may be other options ?
Posted on 5/15/12 at 10:37 am to kjntgr
Which VA is he pushing? Again, they are ok if you are willing to accept a little lower return due to higher fees, but the guarantees may be worth it to you. How long before you need income? Do you have other liquid money?
Posted on 5/15/12 at 10:47 am to kjntgr
Don!t know name of VA(not too that pt yet) .Have good income now, wife working,my retirement, and some part time work. Have good emergency fund.
Posted on 5/15/12 at 10:55 am to kjntgr
Ok. Again, if you are going to use it as an income tool it is ok, not so much for an accumulation tool. Not sure if it matters to you, but your broker will be paid anywhere from 5.5% to 7.5% gross on this. There are some that I think are better than others. Once you find out what he is trying to sell let us know. Who is your guy with?
Posted on 5/15/12 at 11:04 am to kjntgr
John Stewart. Lensco/Ledger. Just changed to another ( don't know new ). I am going to email him. What shoul I ask?
Posted on 5/15/12 at 11:14 am to kjntgr
Ask him what the specific annuity is. Ask him which version and what riders he plans on adding.
Posted on 5/15/12 at 11:18 am to kjntgr
So, he is/was with LPL. Just ask him which annuity he is trying to sell you. What company and what product? Also, what is th eliving benefit called?
Posted on 5/15/12 at 11:44 am to kjntgr
Janky,
Thanks . Are you a financial advisor? You have been very helpful. I may have other questions, if you don' mind giving you expert advice.
Thanks . Are you a financial advisor? You have been very helpful. I may have other questions, if you don' mind giving you expert advice.
Posted on 5/15/12 at 11:48 am to kjntgr
quote:
Are you a financial advisor
Sometimes.
Yes, I am. I am not sure many here would consider me an expert, but I have been doing this for 11 years. Feel free to ask me any questions you may have and I will try my best to answer them.Posted on 5/16/12 at 4:29 am to Janky
quote:
Janky
Who do you work for? I'm in a very big need to have a sit down talk with someone planning my retirement. The local guys were I live just blow. Had to fire them in the pass. They lost way to much money for me in the past. I need to set up a couple annuities for income protection due to my health for my wife. I also need to set things up were said moneys are protected from med expence in time if there is a way to do this. In my case, I'm getting SSD along with disable insurance payments. If I draw any income, my disable insurance will deduct that amount on what they paid each month unless its' moneys that is mine. My 401k's are safe from this. Oh, I'm only 54 years old.
Any idea in point me in the right direction? Thanks.Posted on 5/16/12 at 5:51 am to fishfighter
quote:
fishfighter
I can't post who I work for because it would be considered advertising which has to be compliance approved. I know it sounds dumb, but we have very strict rules that we must abide by. If you want ask questions here, feel free and I will try to help you. If you Want to ask private questions you can email me at janky0417@gmail.com. I am located in Lafayette. Who were you with in BR? Good luck.
Posted on 5/16/12 at 9:33 am to fishfighter
Fish, I am in Baton Rouge and can offer some guidance.
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