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Annuities
Posted on 1/6/10 at 11:55 am
Posted on 1/6/10 at 11:55 am
I have approached by my insurance agent to purchase/contribute to an annuity--any input would be great appreciated--is this a good move or a bad move??
4
Posted on 1/6/10 at 1:59 pm to runpoetrun
Going to your insurance agent for financial planning is like going to your mechanic for a prostate problem, IMO.
Posted on 1/6/10 at 3:23 pm to TheHiddenFlask
its an isurance product so your mechanic analogy is a little off. that being said, i would go somewhere that does more than just annuities so that you can get a broader picture of what is out there for you. maybe your insurance agent holds a series 7 too, who knows.
Posted on 1/6/10 at 3:39 pm to runpoetrun
quote:
I have approached by my insurance agent to purchase/contribute to an annuity--any input would be great appreciated--is this a good move or a bad move??
Max out your 401K. Then max out your IRA. If you still have money you want to put away at that point, consider an annuity. And consider it with a financial planner that isn't tied to 1 insurance company.
Posted on 1/6/10 at 3:39 pm to BM7133
quote:
its an isurance product so your mechanic analogy is a little off.
So are financial derivatives, but I wouldn't want my farm bureau agent helping me decide on those either.
To clarify my original statement, I wouldn't go to an insurance agent about this without seeking previous advice from a financial professional.
Posted on 1/6/10 at 3:58 pm to TheHiddenFlask
well i basically supported you in the rest of my post but if you would have explained it that way in the first place it would have been a whole lot more informative and better recieved.
Posted on 1/6/10 at 5:23 pm to BM7133
Yeah, we agreed on everything. My fault in the first post.
Posted on 1/6/10 at 5:47 pm to runpoetrun
Everybody has given you good advice. If you are in a situation where you have a large sum of savings outside of tax deferred plans then considering an annuity might make sense. If so, I would speak with Vanguard as their products cost about 75% less than the industry average.
LINK
LINK
Posted on 1/7/10 at 8:51 am to tirebiter
quote:
Everybody has given you good advice. If you are in a situation where you have a large sum of savings outside of tax deferred plans then considering an annuity might make sense. If so, I would speak with Vanguard as their products cost about 75% less than the industry average.
LINK
He should be looking at living benefits, death benefits, costs and performance of subaccounts.
Posted on 1/7/10 at 9:32 am to Broke
quote:
He should be looking at living benefits, death benefits, costs and performance of subaccounts.
Maybe, I think he really should learn about investing and utilize the knowledge over the longer term to make more money. Nothing in an annuity product is free and most buying the product will have a difficult time recognizing and comparing costs of one offering from another. If he finds the need for guaranteed income from his investments later in life consider buying an SPIA at that time to maximize the monthly payout, with or without an inflation rider.
Posted on 1/7/10 at 10:50 am to tirebiter
quote:
If he finds the need for guaranteed income from his investments later in life consider buying an SPIA at that time to maximize the monthly payout, with or without an inflation rider.
That is going to be a fixed amount unless he adds a rider for increasing income. It's a crap shoot on the rate. I wouldn't do it right now with interest rates at a historical low. I think he would be better off (if the time comes) to buy a variable annuity with a step up in living benefits.
Posted on 1/7/10 at 4:42 pm to runpoetrun
depending on your age i think it is a great move
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