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Joined: Feb 2010
Posts: 16,103 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,103 Likes: 2 |
Stay da fugg away from annuities and kick anybody in the balls who tries to sell you annuities. If you may need the money in a year or two, park it in a money market account. If you have a longer timeline in mind, open a fidelity or a edit rads account and put it in an index fund of some flavor.
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Joined: Aug 2017
Posts: 9,097 Likes: 5
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2017
Posts: 9,097 Likes: 5 |
Some annuities offer fees in the 0.04-0.05 range. I'd think about those, everything else, a big NO.
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Joined: Jan 2001
Posts: 29,907 Likes: 10
Campfire Ranger
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Campfire Ranger
Joined: Jan 2001
Posts: 29,907 Likes: 10 |
DON'T. Why pay someone to handle your $$$ and give them a cut? About the only way such might pay off is if he significantly outlives their projected life expectancy. Fall short of that and they make significant bucks. Find an investment advisor and do your own arrangements.
1Minute
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Joined: Nov 2004
Posts: 17,279 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Nov 2004
Posts: 17,279 Likes: 2 |
Is that what Safariman used to skin seniors with? Annuities..
"I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man." Thomas Jefferson
GeoW, The "Unwoke" ...Let's go Brandon!
"A Well Regulated Militia" Life Member
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Joined: Sep 2015
Posts: 594
Campfire Regular
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Campfire Regular
Joined: Sep 2015
Posts: 594 |
Rufus, Run,Run as fast as you can away from the Annuity. From something who has been able to sell and has sold a few for 35 years. Multiple reasons why, but run Forest Run.
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Joined: Oct 2009
Posts: 12,584 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2009
Posts: 12,584 Likes: 8 |
Is that what Safariman used to skin seniors with? Annuities.. Free Ruger Charger bipod with each annuity purchase.
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Joined: Dec 2010
Posts: 14,408
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2010
Posts: 14,408 |
i invested heavily in coke and whores. so far it has paid big dividends.
My diploma is a DD214
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Joined: Feb 2020
Posts: 2,822 Likes: 3
Campfire Regular
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Campfire Regular
Joined: Feb 2020
Posts: 2,822 Likes: 3 |
And no one has yet suggested contacting Safari-man !!! LOL
Due to the increased price of ammo, don't expect a warning shot...
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Joined: Feb 2012
Posts: 2,408 Likes: 2
Campfire Regular
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Campfire Regular
Joined: Feb 2012
Posts: 2,408 Likes: 2 |
Advice #1 DON'T buy an annuity for any reason whatsoever.They are the next worst investment next to Whole Life Insurance.Borderline scams.
Get a competent investment firm, and if you don't know or don't want to deal with it, get a managed account. They'll feel you out for your risk tolerance and invest accordingly. This is the best advice on the internet.
Fear the crabcat.
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Joined: Feb 2009
Posts: 11,920
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2009
Posts: 11,920 |
No way would i put funds in an annuity.
There are platforms that will serve you better over your time frame.
Fidelity is where i would look,they have done good for us over the years.
Good luck
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Joined: Mar 2011
Posts: 45
Campfire Greenhorn
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Campfire Greenhorn
Joined: Mar 2011
Posts: 45 |
If you're sure you need an annuity the only ones to consider are a SPIA[single premium immediate annuity] or a MYGA[multi year garanteed annuity],the only one that beats these is the one that most people have when they retire, Social Security.
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Joined: Feb 2010
Posts: 16,103 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,103 Likes: 2 |
If you're sure you need an annuity the only ones to consider are a SPIA[single premium immediate annuity] or a MYGA[multi year garanteed annuity],the only one that beats these is the one that most people have when they retire, Social Security. ^^^And don’t take advice from anyone who thinks social security is a good deal.
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Joined: Mar 2011
Posts: 45
Campfire Greenhorn
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Campfire Greenhorn
Joined: Mar 2011
Posts: 45 |
As far as annuities go it is.
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Joined: Feb 2010
Posts: 16,103 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,103 Likes: 2 |
As far as annuities go it is. You do have a point, sir.
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Joined: May 2004
Posts: 5,210 Likes: 1
Campfire Tracker
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Campfire Tracker
Joined: May 2004
Posts: 5,210 Likes: 1 |
Advice #1 DON'T buy an annuity for any reason whatsoever.They are the next worst investment next to Whole Life Insurance.Borderline scams.
Get a competent investment firm, and if you don't know or don't want to deal with it, get a managed account. They'll feel you out for your risk tolerance and invest accordingly. This is the best advice on the internet. But it is very hard to know if you have a good financial advisor, and by the time you find out he is bad news, he has made a lot of money off you. I had 3 of them. Was was not good at all, one was ok but just wanted to sell me loaded Franklin funds and the last one was a nightmare. We gave them a $56,300 check and they didnt invest it for 5 weeks . They said it was no good anymore so we gave them another and it took 3 weeks to invest that one, in August 2015, just in time for a 10% correction. The owner was a jerk , He sold us $40,000 of 2 non traded REITs. We still have $10,000 of it stuck , and may never get it back. Some say I should have done my homework, or due dilligence , and we did, we had a few at my wifes bank where she worked . We talked to him several times before commiting. It is very hard to tel a professional BS salesman from someone that really knows what they are doing, and they make a living bs ing. To make matters worse my son worked there. About 2 months after the second check, we headed to Fidelity and never looked back. A few months later they fired my son anyway. However, it was their loss . We now have a lot more money , I do it my way and it is a better way of investing with ETF's and stocks and some bond mutual funds . I have not done real well , but no doubt better and cheaper than the 3 advisors we had. My son works at a better financial firm and after 3 yrs with this job, he still cant believe how they operated at his old firm. Investing yourself just isnt that hard anymore and hardly any fees at all.
But the fruits of the spirit is love, joy, peace, patience, kindness, goodness,faithfulness, Gentleness and self control. Against such things there is no law. Galations 5: 22&23
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Joined: Nov 2004
Posts: 10,029 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2004
Posts: 10,029 Likes: 3 |
I put some of my money in a fidelity account after the covid drop hit March of 2020. I had most everything in Edward Jones in mutual and index funds at them time. When the dip hit I called them up to make some individual stick trades and found jones is not the place to do that. They had huge fees. I asked them to to transfer a chunk to my new fidelity account so I could buy individual stocks. By the time they got it done the best bargains had passed. I traded a bit on fidelity and made some money but got tired of watching it all the time so now it's just sitting on the sidelines.
I know fidelity offers lots of mutual and index funds and etfs but I can't figure out how to research and compare them on their app. I can't even find mutual funds in it and I know they have them. I'd like to put some in some different funds now like one with good divided stocks. Any fidelity power users here that can point me towards their good funds?
Bb
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Joined: May 2014
Posts: 278
Campfire Member
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Campfire Member
Joined: May 2014
Posts: 278 |
My parents put a lot of money in annuity and when they passed we got very little back. Shop around for a good financial advisor that fits your AGE, FUTURE PLANS, and DOLLARS AVAILABLE. Find the right fit, its out there. As has been said put it in a money market until you get a plan.
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Joined: Feb 2011
Posts: 5,856
Campfire Tracker
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Campfire Tracker
Joined: Feb 2011
Posts: 5,856 |
I put some of my money in a fidelity account after the covid drop hit March of 2020. I had most everything in Edward Jones in mutual and index funds at them time. When the dip hit I called them up to make some individual stick trades and found jones is not the place to do that. They had huge fees. I asked them to to transfer a chunk to my new fidelity account so I could buy individual stocks. By the time they got it done the best bargains had passed. I traded a bit on fidelity and made some money but got tired of watching it all the time so now it's just sitting on the sidelines.
I know fidelity offers lots of mutual and index funds and etfs but I can't figure out how to research and compare them on their app. I can't even find mutual funds in it and I know they have them. I'd like to put some in some different funds now like one with good divided stocks. Any fidelity power users here that can point me towards their good funds?
Bb Check Morningstar ratings.
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Joined: Jan 2006
Posts: 69,415 Likes: 9
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,415 Likes: 9 |
12 years ago my brother paid $75k for an annuity. After he received 2 payments, he had a stroke and died. Goodbye $75k.
“In a time of deceit telling the truth is a revolutionary act.” ― George Orwell
It's not over when you lose. It's over when you quit.
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Joined: Nov 2007
Posts: 1,015
Campfire Regular
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Campfire Regular
Joined: Nov 2007
Posts: 1,015 |
An annuity is not likely a good fit for someone 10 years out from retirement. The returns these days are poor and fees can be high. You are better off with a diversified stock portfolio based on your risk tolerance and financial plan.
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