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Started By
Message
Have any idea of what the fixed annuity rates are currently?
Posted on 9/23/10 at 9:25 am
Posted on 9/23/10 at 9:25 am
TIA.
Got monies in a CD right now. Obviously every year i am taxed on the interest earned. Am i correct in thinking that i'm not taxed on interest earned with annuities until I withdraw the monies?
Got monies in a CD right now. Obviously every year i am taxed on the interest earned. Am i correct in thinking that i'm not taxed on interest earned with annuities until I withdraw the monies?
1
Posted on 9/23/10 at 9:36 am to Chad504boy
quote:
Got monies in a CD right now. Obviously every year i am taxed on the interest earned. Am i correct in thinking that i'm not taxed on interest earned with annuities until I withdraw the monies?
Rates are around 3.5% on a 7 year with a 3 year lock and a 4 year float. You aren't taxed but this is designed to be taken out at age 59 1/2.
Posted on 9/23/10 at 10:10 am to Broke
maybe fixed annuity isn't the type of annuity i'm interested in. I'd like to keep the money fairly liquid if need be. I don't mind locking it in for a year or two but I don't know about the whole wait till i'm 60 theory.
Posted on 9/23/10 at 10:26 am to Chad504boy
yeah, all annuities are tax-deferred, but the govt will charge you a 10% penalty for taking the money out before you are 59.5 years old (just like an IRA or 401k)
Posted on 9/23/10 at 10:37 am to JPLSU1981
quote:
but the govt will charge you a 10% penalty for taking the money out before you are 59.5 years
on all annuities or just certain kinds?
Posted on 9/23/10 at 12:47 pm to Chad504boy
all annuities.
If you're under 50, an annuity is likely not a suitable product for you IMO, unless you are 100% sure you are putting the money back for retirement and you have already maxed out your 401k and IRAs
If you're under 50, an annuity is likely not a suitable product for you IMO, unless you are 100% sure you are putting the money back for retirement and you have already maxed out your 401k and IRAs
This post was edited on 9/23/10 at 12:48 pm
Posted on 9/23/10 at 1:35 pm to JPLSU1981
shite was great when the interest rates on cd's was 4%. Now i'm barely over 1%.
Posted on 9/23/10 at 2:01 pm to Chad504boy
stick it in C shares of a bond fund for the time being if you want to keep it liquid but earning a decent rate.
I really like PTTCX...
keep in mind, though, bonds can fluctuate as well....although not nearly as volatile as stocks.
and most C share bond funds will require you to hold the fund at least 12 months. You wouldn't want to leave it in C shares forever though, because you're paying for that liquidity... approx. 1% per year.
I really like PTTCX...
keep in mind, though, bonds can fluctuate as well....although not nearly as volatile as stocks.
and most C share bond funds will require you to hold the fund at least 12 months. You wouldn't want to leave it in C shares forever though, because you're paying for that liquidity... approx. 1% per year.
This post was edited on 9/23/10 at 2:05 pm
Posted on 9/23/10 at 2:02 pm to JPLSU1981
thanks, i'll look into it.
Posted on 9/23/10 at 2:09 pm to Chad504boy
Posted on 9/23/10 at 2:22 pm to Chad504boy
that one looks ok...
Make sure not to buy the A shares, though, or you will pay 3.75% up front sales charge. Of course, if you are planning on holding it for 5+ years, then you might be ok with paying 3.75 up front.
On the top right, click the drop down arrow and click C shares.
Make sure not to buy the A shares, though, or you will pay 3.75% up front sales charge. Of course, if you are planning on holding it for 5+ years, then you might be ok with paying 3.75 up front.
On the top right, click the drop down arrow and click C shares.
This post was edited on 9/23/10 at 2:24 pm
Posted on 9/23/10 at 3:22 pm to JPLSU1981
(no message)
This post was edited on 11/27/11 at 10:22 pm
Posted on 9/23/10 at 8:58 pm to JPLSU1981
quote:
yeah, all annuities are tax-deferred, but the govt will charge you a 10% penalty for taking the money out before you are 59.5 years old (just like an IRA or 401k)
complete and utter baloney my friend. you can get in a IMMEDIATE fixed annuity for 3 years and you pay taxes on the interest yield earned. still beats a CD. interest rates should be rising soon as i am about to get into one.
Posted on 9/23/10 at 9:03 pm to JPLSU1981
quote:
yeah, all annuities are tax-deferred, but the govt will charge you a 10% penalty for taking the money out before you are 59.5 years old (just like an IRA or 401k)
complete and utter baloney my friend. you can get in a IMMEDIATE fixed annuity for 3 years and you pay taxes on the interest yield earned. still beats a CD. interest rates should be rising soon as i am about to get into one.
Posted on 9/24/10 at 8:30 am to Fat Bastard
(no message)
This post was edited on 11/27/11 at 10:21 pm
Posted on 9/25/10 at 5:07 pm to topstunter
quote:
Be careful about purchasing an annuity or CD as there are options that provide as much security with better rates of return.
really? like what my friend? i was gonna get a fixed immediate annuity for 3 or 5 years to help me pay a car note. protect capital as well. i remember when my money market account was getting 4 % interest in 1998, 2% just a few years ago and basically ZILCH now. LOL! i have been hearing interest rates may start going back up soon.
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