Terry, I hear all these financial people saying that an annuity purchased through a Broker can be expensive, so I purchased a fixed Annuity with Vanguard, who brokered it for me. I have heard Bob Brinker on Money Talk say that Vanguard was good. was that good advise?
Terry Says: When you deal directly with Vanguard you can be sure you are getting the lowest cost product. They don’t have salespeople out selling their products, so no commissions involved. If you wanted/needed a tax-deferred annuity, that is the way to go. But remember, this product is to “postpone” taxes (and possibly give some guarantees). You can do the same thing in a tax-sheltered retirement account such as an IRA, without using a tax-deferred annuity!