why are annuities for suckers? Not sure about that? I don't quite get this as I heard some annuity types are ok. Explain please.
Breaking: Rep retiring and not looking back
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why are annuities for suckers? Not sure about that? I don't quite get this as I heard some annuity types are ok. Explain please.
thanks
I'll try that. My guy at Wells said that unless I have a professional agreement with him and he "manages" my money, he can't take a fee for looking at my portfolio. Wells won't let him.
For one thing, they are almost impossible to get out of. The insurance company makes a big commission.
You are the moron who sells when the market tanks. I can stay the course cause I’ve got 5 years cash equivalents living expenses. Dipping in and out of the market is a fools game, and with long term rates at historic lows only a fool would pick a bond 9th maturity beyond about 18 months. Go buy Bitcoin.
I don't own any bonds. My wealth manager buddy (he doesn't manage my money) told me to put the bond money in a money market so I can buy on the dip. He said bonds will lose money when the market does just not as fast. The rest of my portfolio is invested in the S&P 500, not in international or foreign investments at all right now. 70/30 breakdown.
Also, I will never invested in an annuity but we have a government pension. I have always been warned to say no to annuities.
Thanks
I just know one of my friends who is actually quite smart has them. Her stockbroker talked her into them and gave her a lot of good reasons. I knew he was making a huge commission. I didn't know they were hard to get out of. She says she "can't lose' and that made me suspect in and of itself. Except for the fees, she said she's going to make a lot of money. anyway thanks
An annuity might be a good option for someone who needs a set income for the rest of their life- ( they are not interested or able to manage their money)
Your friend can’t be too financially smart. Anyone who believes a stock broker when he/ she tells you you can’t lose, and you believe it, are a big sucker. Think Bernie Madoff.
A basic explanation is that you could easily get the same or better long term return on your investment than any annuity provides. After commissions, fees, etc. and returning only a portion of the returns earned on your principal to you, which they “own”, you’re losing vs. gaining what you would with your money invested in two or three solid conservative mutual funds.
The main reason to avoid annuities is your principal remains yours.
The only value I can see is that annuities provide a steady income stream for someone who needs security, is not financially competent, and needs the peace of mind that the monthly check will arrive.
There may “OK” annuities out there, but ALL annuities are basically the same in that the annuitant gives control of their “lump sum” to the company writing the annuity. To me, that is not a good move.
Thank you for the explanation.
Her financial planner is actually a good friend of hers. He seems on the up and up but I'm sure he has a lot of interest in their 3 million.
I really chuckle at these "retiree" posts. Ostensibly, they are all living well with millions...yet they come to this site and post, post, respond, post non Pfizer's board. I admit that this thread a fun read while I get ready for my daily total of 2 VCCs.
Thank you for the explanation.
Her financial planner is actually a good friend of hers. He seems on the up and up but I'm sure he has a lot of interest in their 3 million.
More often than not, friends, family, and money is a recipe for financial disaster.
Sorry that the role has deteriorated - I know that your future will be bright.
I check in here to see if there is anything happening that will improve the value of my Pfizer stock . It's really a dog.
Here's some advice: don't do business with friends. Just because someone is your friend does not mean they are the best at what they do.Thank you for the explanation.
Her financial planner is actually a good friend of hers. He seems on the up and up but I'm sure he has a lot of interest in their 3 million.
Most of the time, you lose money, business and the friend in the end