Ask Terry Questions Fixed Index Annuity

Fixed Index Annuity

By Terry Savage on August 29, 2019 | Investments

Now that I’m retired my investor is suggesting a fixed index annuity with Allianz 360. IS this safe? Also I’m sure the results are not as good at the sales pitch. It does seem like a secure investment for the future. Would you comment on it as I’m having trouble just getting out of the market with my retirement money? Thanks

Terry Says

Oh, please DONT buy a Fixed Index Annuity.  It will only make the salesperson rich, not you!  If you can wait till October and read the brand new edition of my book, The Savage Truth on Money,  you’ll find an entire chapter dedicated to this issue.

Have you “rolled” your 40l(k) into an IRA?  Did you roll it to some low cost place like Fidelity or Vanguard or T. Rowe Price? If not, do so immediately — Any of these firms will handle the paperwork, so you do a direct rollover and do not have an tax implications.

Once there, they will advise you on how to invest conservatively– based on your age and risk tolerance.  In my opinion, you could just have them do the rollover into one of their money market mutual funds (where you can’t lose a penny) while you take a bit of time to work with them to consider the appropriate investment diversification for your situation.

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