annuities/vs fixed rate of return of 3% for voya account
newly retired (layed off!) and risk adversed during these troubling times. When is an annuity a good idea? financial rep is recommending this as opposed to a fixed rate of return investment. Please recommend a annuity for dummies reference guide. Language in brochure is foreign to me. I consider all my money saving chicken money during these volatile times. Thanks
Terry Says
Well, I’m going to suggest you order the latest version (last November) of The Savage Truth on MOney on Amazon. I spent a lot of time on the annuity chapter. First, the salesperson is tempting you with a high return — but the devil is in the details. He/she is getting a BIG commission on this sale (buried inside the contract). And you will be locked in for a period of years (which means the insurance company plans to earn more than they pay you in order to pay his commission)! It’s a bit like the “roach motel” concept, where you can’t get out without penalty.
Please read that chapter and then go to Wealthramp.com to find a FIDUCIARY financial advisor — one who works for your best interests and fully discloses fees, and does not take commissions hidden or otherwise) or products that are recommended.
I have nothing against annuities and own some myself. But you are right in suspecting you aren’t getting the whole story!
