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Talking stocks, trading, and investing in general - Page 332

post #4966 of 4969
Quote:
Originally Posted by idfnl View Post

I don't know enough either but I know that you are putting an awful lot of faith in an insurance company's long term stability to make it worthwhile.

I'm no expert either, but my very limited understanding is that while certain annuities are perfectly appropriate investment vehicles for some people, they generally are a minefield of crap. Variable annuities in particular. If it's worth it, a decent independent financial planner, or an attorney who handles FINRA cases and the like, could probably given you a quick, simple answer. The financial planner route may be cheaper, but in either case I'd ask for a cheap flat fee. If you can find a friend of a friend, they might even be willing to do it for free as a favor or networking opportunity. I'd think someone who works in this area would be able to determine in 15 minutes if the annuity is basically legit or a total dog. (If the former, a judgment on whether it's an appropriate investment vehicle for your in-laws' investment needs and objectives may be a bit more involved.)
post #4967 of 4969
Quote:
Originally Posted by lawyerdad View Post

I'm no expert either, but my very limited understanding is that while certain annuities are perfectly appropriate investment vehicles for some people, they generally are a minefield of crap. Variable annuities in particular. If it's worth it, a decent independent financial planner, or an attorney who handles FINRA cases and the like, could probably given you a quick, simple answer. The financial planner route may be cheaper, but in either case I'd ask for a cheap flat fee. If you can find a friend of a friend, they might even be willing to do it for free as a favor or networking opportunity. I'd think someone who works in this area would be able to determine in 15 minutes if the annuity is basically legit or a total dog. (If the former, a judgment on whether it's an appropriate investment vehicle for your in-laws' investment needs and objectives may be a bit more involved.)

Another complaint I've heard is that some are extremely hard to back out of.
post #4968 of 4969
It seems to me doctors often make very poor financial decisions. I know more than one doc working in their 70s because they cannot afford to retire. Their poor decision making probably is no worse than the average Joe in frequency, but due to their high earning power, they get targeted and the magnitude of their mistakes are larger. They probably were sold on the tax advantaged nature of the annuity.

I have to say I have not ruled out purchasing an annuity upon retirement with a portion of my portfolio for the same reason I don't plan to collect SS until I'm forced to.
post #4969 of 4969
Quote:
Originally Posted by Piobaire View Post

I have to say I have not ruled out purchasing an annuity upon retirement with a portion of my portfolio for the same reason I don't plan to collect SS until I'm forced to.

These strike me as opposites. In one you are defering cash flow stream, and in another you are initiating one.
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