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Janet | I am 55, small fixed income. I have $200K to last 30 years. A financial advisor recommends: $30K in income &? |
$170K in an annuity which I can start getting a guaranteed income in 7 years to last 30 years (and able to withdraw after 7 years without a penalty). Is that sound advice? I am very new to this so any help would be greatly appreciated. |
 |
 
Jeff
 |
3 questions:
1) How much is your advisor getting in commissions for selling you this annuity.
2) How much can you take out of it after the 7 years?
3) Why is your advisor recommending you take $30,000 out now?
------------------------
Here's the situation:
In that last 7 years, we had the 9/11 recession and the current stock drop.
March 10, 2001 the Dow Jones average was 9878.
Today, the Dow is at 11740.
If you invested 7 years ago, you would still have made 2.5%/year
The NASDAQ averaged 7%/year during the same 7 years (from 1300 to 2169)
If you invest the $170,000 in 10 different stocks that are going to be doing well in 10 years (boring stocks, like Coca-Cola, Exxon, and AT&T), they should average at least 7% over the next 7 years.
That $170,000 will become $272,000 in 7 years, not including dividend payments.
If you take $272,000 let it continue to grow at 7%, and pull $22,500 out per year, the money will run out in 23 years (30 years from now, because you let it grow for 7 years first).
About half the money will be tax-free (because you paid the income taxes before you got the money to buy the stock with), and half will be at the capital-gains rate (which is 15% now, but the Democrats may raise that to 30% to make sure those billionaires "pay their fair share".) |
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May Derrek
 |
Hello,
I also had a similair problem as you have.
I had a good amount of money, and wanted it to grow.
So I looked around on the internet to find something that is:
1) giving me great returns towards a relatively small risk
2) Professional people who know what they where doing with my money.
I'm glad to say I finally found a moneymanager who is capable of giving me good returns and give me a great support.
On this blog you can follow up all the results that he is making:
http://my-robottrader.blogspot.com/
My money is working for me, in a little under three months I already have a ROI of 67%.
So you don't hear me complaining!
Annyway if you would like to get in touch with my moneymanager to have some more information feel free to contact me you can send an email to me at derrekmay at gmail.com.
Then I'll give you the email adress of my moneymanager
Hope this has helped you! |
|
Zeltar
|
You haven't said how much you'll be drawing in 7 years with the $170K investment. And, do you need the 30K now? Why can't it also be invested for the 7 years?
I assume you have other sources of income to fund your retirement (e.g. Social Security). Obviously, if you're planning on living to 82 years old, you'd of drawn that money for 20 years.... and I can't imagine that would be more than $10,000 a year. |
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Doctor Deth
 |
annuities are a rip off - the only people who make out are the ones who sell them - don't do it - plus you won't see any of the money for 7 yrs - at your age - you need full access to all your money - right now the safest place is a bank CD - stock market is still too volatile - I just heard on the radio that Municipal Bonds - are paying over 5% tax-free - that's even better than bank CD's and no taxes on the income - talk to a different financial advisor - don;t buy annuities or whole-life insurance - both the biggest ripoffs around |
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Palmer
 |
Do not put money in an annuity. There are better options available. Your financial advisor is going to make an ongoing fat commission check. They have ulterior motives.
Tell them you want other options. If they are hesitant to give you these options, move on. |
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Joe
|
The annuities offered by financial advisors frequently have very high fees involved with them, so I am very suspicious of them. I would suggest reading the Vanguard site and get a low fee annuity. |
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John A
|
First off - great move using an advisor to help you. I just hope he is good. Second,and very important is ignore the advice to question him about fees- they are mbedded and non-negotiable and it will drive you crazy trying to understand it and if the guy is doing his job right it is irrelevant.
As a professional financial planner myself, I would want to know if the income payments that you derive from the annuity
a) meet your current income needs and
b) are INDEXED to inflation (they increase at inflation or a prescribed rate every year automatically)
The advisor you are dealing with should be doing a full comprehensive income and retirement projection for you to show what would actually happen should you take this advice. If he has not done this yet or if you ask him to he hesitates at all, FIRE HIM IMMEDIATELY. You got yourself a salesman calling himself an advisor, not a real financial advisor.
Over the 30 years your greatest enemy is INFLATION.
I'll tell you what I really don't like about the suggestion is you are fixing your income at a set rate (through the annuity and the income portion) in a rising cost environment (inflation) That is pure insanity unless the annuity is indexed and meets your income needs.
I would much rather see you with at a minimum of 40% of your money in stock or stock mutual funds. That would give you a more fighting chance of not outliving your income. For 170 years as long as it was invested properly, this yielded superior results to fixed income over any rolling 30 year period. BUT once again the projection and plan your advisor puts together is the crucial piece to you being armed to make this decision. |
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Ms.MojoRisin
 |
The first question you should ask this financial advisor is this:
HOW MUCH OF MY MONEY ARE YOU TAKING IN COMMISSION? All too often, the commissions these people make is more than your return! Make sure you hire an advisor that you pay by the hour, not by the product he/she sells you.
Please don't make the mistake that so many people do---just listening to a financial advisor without truly understanding the consequences. |
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