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shasta | My husband and i just come into about $350,000.00. some finanial advisors are recomending annuities were unsur |
this money will be used for retirment which is about 15 years away,some things i like about an annuity is that it is tax deffered,but i dont know much about investing all i know is that i dont want to risk losing it. An annuity also has a higher brokage fee (about 1.5%)which is high I need help there are way to many options. |
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kbeacham
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There are a few advantages to annuities principle protection and tax deferral being chieif among them. Before you consider buying one understand that there there has never been a rolling 15yr period when the market as a broad index did not outpace inflation or US treasuries.
You and your husband have enough time. Hire an advisor that will give you a plan and an invstment discilpline. If you work with anyone you will pay fees. But if you don't have confidence in your ability to invest on your own the fees may be worth suffering. |
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jeff410
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I agree with the first answer. Annuities have high fees and surrender charges. And when you. or your beneficiaires take it out, you have to pay taxes on it at your normal tax rate. Capital gains rates are lower. You have a lot of options. Find another advisor, preferrablly a fee-only advisor that charges for their time only, and doesnt work on commissions on financial products they sell. |
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Joe
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Annuities can have very high fees involved with them, often hidden. If you decide to go with them, Vanguard is the cheapest I know of, but they are weak on giving advice. I would delay making any decisions until you are sure. |
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Frank Castle
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I strongly suggest you to stay away of annuities and fire your financial advisor.
If you want real financial advice. Drop me a line. |
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chartley
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I don't think annuity is your only option.
There are many things that are tax deferred. An investment property's appreciation is tax defer until you sell them or if you 1031 exchange then it will continue to defer. Buying a house, stay there for 2 out of 5 years and sell them $ 500,000 gain will be tax free.
My point is don't buy it just because it is tax defer. If the purpose for this money is for retirement then ask the advisors what are your options.
Make sure they are truely advisors not salesmen.
Check their credentials: CFP, CPA, CLU, ChFC.
Ask them if they have as much money as you. If they don't then how could they help you?
Good luck and best wishes. |
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trade_info
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Annuities can be a good choice if you buy the right one. Check out Vanguard.com for lowest cost, no surrender charge annuities. They also have mutual funds and index funds, etc. They do offer advice as well.
also read bobbrinker.com for unbiased info. |
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muncie birder
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The main reason annuities are popular is because they bring in big commissions. Without knowing more of your financial status, I can not make any solid recommendations. Even if I could they may not be the greatest of advice. There is a LOT of bad financial advice floating around. In the past I have received some really bad advice from "stock brokers". I make all my own investment decisions now and I only have myself to blame if I make a mistake.
If I had $350,000 to invest and already had my house paid for and no other financial obligations, I would put 200,000 into 6 mo t-bills which you can buy directly from the U S government. Gives you almost $10,000 a year in income. And the interest is tax free from state taxes. 30,000 in oil stocks. 30,000 in a no load mutual fund or a closed end mutual fund that invests overseas. 30,000 in a no load mutual fund or closed end mutual fund that invests in mid cap U S stocks. The remaining 60,000 I would invest in individual stocks through an on line broker that gives access to stock research. The idea being to use it to learn about stock investing. I would not buy any speculative stocks. Maybe bank stocks, life and accident insurance stocks, and maybe medical stocks, maybe Home Depot or Lowes or Walmart.
If the stock market drops 30%, I would then move 50,000 out of t-bills into stocks. Another 20%, another 50,000. |
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cyanne2ak
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That's the wrong way to go. They're ripping you off big time. I suggest you find a new financial advisor. You have lots of options that would better suit you. |
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ykchen913
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Annuities have a lot of costs associated with it. This is a very big disadvantage.
Since you still have about 15 years away from retirement, I would still suggest you invest wisely. If you really afraid of losing the principal, you can invest in fix-incomes (e.g., bonds).
Find a professional financial advisor is a good idea. Consumer Reports in Feb has an article on their opinion on various fee-based/free financial advisors. I strongly suggest that you check out the article first and find someone to help you. (The article also includes a website, which you can check the background of the financial advisors. Some of them may have conflicts of interests when selling you annuities.) |
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secondcity2006
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I have a loft building that is converting from apartments to condos as of three weeks ago. The amount that I'm going to do a 1031 tax free exchange is a million. By transferring this amount into real estate that is diverse in the fact that the fund is spread out across different real estate and businesses, the risk is little. (little piece of a Taco Bell Here, something else there) Using a medium risk fund it will pay out at $10,000 a month. If anything were to go wround with any of the investments, it would only be one of the many that is effected, thereby not changeing the monthly amount coming in. Of couse if a disaster were to hit, say all the fund was in New Orleans! see what I mean? God Luck. |
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