- Mar 10, 2006
- Reaction score
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That's awful. I feel like with a little know how one can successfully manage to create their own annuity.My FIL wanted to talk investments the other night and it was after a few glasses of wine. The one thing that stood out was the sheer amount of fees they have paid and are continuing to pay for the annuities they were scared into buying during 08/09. I feel like $3M in assets were put into annuities and the fee is somewhere are 4.0%-4.5% annually. So for 11-12 years, they have paid over $1M total in fees. They have tried to make excuses for owning them but damn fees are a bitch.
They still consider that old guy a friend. They did mention he bought a Porsche during the depths of the crisis.You can usually tell how awful a financial product is by how heavily incentivized advisers are to push them. The fucker who foisted those dogs on your ILs would have pocketed $200K+ on the deal.
You pay ordinary income tax at vesting, pay ordinary income tax if selling before a year on the difference between selling and vesting, and you pay capital gains tax on the difference if selling after more than a year.My employer as awarded me RSUs. If I understand correctly, I pay ordinary income tax on the value at vesting, right? Then I also have to pay capital gains on sale which will be ordinary income rates because I'm selling in less than a year.