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11-16-2011, 08:13 AM
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#1
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Recycles dryer sheets
Join Date: Sep 2007
Posts: 79
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Phoenix PIA annuity
Looking at an annuity, 100K, with a 45k bonus bump on income base, wait 2.1 years and receive $6300 per year for me or my wife, cannot go down in price, can pull the remainder of the money after 10 years, anything left before the 100k is used up, goes to children.
Does this sound like a good idea, stocks not doing good, cd's terrible, whats your thoughts?
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11-16-2011, 08:26 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Its a fancy name for an equity indexed annuity. While it looks like they are giving you 45% return to wait three years, that's an income base you can't walk away from. It has a 10-year surrender charge. $6300 amounts to about a 4.5% withdrawal rate. It is very doubtful that your contract value would go up because of the high fees and it uses a bevy of "participation rates" that cap your return. All you would get is the 4.5% withdrawal, and unlikely to have that go up........
If it were me, I would wait until you need the income and buy a SPIA. When rates go back up in a couple years, you should be able to find an attractive one.....
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11-16-2011, 08:54 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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And go look at the financial strength rating of that insurer...
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"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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11-16-2011, 09:00 AM
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#4
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,341
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PIA annuity?
Yes, evaluating one of those things is definitely a P In the A.
Sounds like you might be reading the "features" section of the marketing material, rather than the (very) fine print. Make sure you completely understand all aspects of the instrument you're being sold before seriously considering a purchase.
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I thought growing old would take longer.
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11-16-2011, 09:08 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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Yeah, and if you can actually figure out what the fine print says I'm sure you won't buy it.
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Work is something you do to get enough $ so you don't have to....Me.
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11-16-2011, 10:25 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
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Is this the company; Phoenix Wealth Management?
https://www.phoenixwm.phl.com/public...ings/index.jsp
What are your goals? Do you want guaranteed income for life or asset growth....
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11-16-2011, 02:13 PM
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#7
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Recycles dryer sheets
Join Date: Sep 2007
Posts: 79
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Thanks for the unput 
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11-16-2011, 02:17 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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You axed... 
__________________
Numbers is hard
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11-16-2011, 06:56 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,339
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 Quote:
Originally Posted by brewer12345
And go look at the financial strength rating of that insurer...
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+1
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