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Old 02-19-2011, 09:59 AM   #1
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Does anyone have any experience with the Prudential Highest Daily Lifetime 7% Annuity product? I invested about 15% of our retirement money in one of these in 2009. I have heard great things about these investment vehilces as long as you can leave the money in the product until maturity (9 years). They were so popular the guaranteed interest rates are lower now.

Thanks in advance for any information.

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Old 02-19-2011, 10:36 AM   #2
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Welcome, Hamilton. Congratulations on your retirement. I don't know anything about the Pru HDL annuity product. You might want to post the question in the financial section of the forum.

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Old 02-19-2011, 10:40 AM   #3
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Not familiar with that particular product.... but I am not a fan of Variable Annuities.

We have a VA we bought way back while accumulating (taxes were higher and deferred contribution limits were low). Haven't contributed to it in years. We will probably cash it out for income during early FIRE after we turn 59.5

We are planning to use a SPIA and combine it with my pension and SSx2 to create a base income.
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Old 02-19-2011, 12:30 PM   #4
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Congrats. I leave it for others to comment on the VA.
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Old 02-19-2011, 01:57 PM   #5
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Congrats Hamilton, who did you hear the great things from? Maybe the person who sold it to you?
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Old 02-19-2011, 02:12 PM   #6
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Congratulations! wooo hooooo

I can't be of any help on the Prudential annuity. Sorry.
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Old 02-19-2011, 02:50 PM   #7
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I add my "woo-hoo" to the chorus! Ain't ER grand?

You'll probably find on this forum that the general opinion on VAs is that they are "bad". Having said that, you'll want to do a lot more research on how one might get OUT of the one you have than you did getting into it. Just sayin'...

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Old 02-21-2011, 10:54 AM   #8
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Originally Posted by hamilton View Post
They were so popular the guaranteed interest rates are lower now.
Thanks in advance for any information.
Well, since you're asking ex post facto, my concern would be that the "so popular" announcement means that the company is frantically trying to stop the hemorrhaging getting a tad concerned that they might have piled up more liabilities than assets.

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Old 02-25-2011, 06:07 PM   #9
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Congratulations, Hamilton. I hope you enjoy your retirement as much as I have enjoyed mine. I was in a variable annuity once about 20 years ago. When I figured out it was more cost effective to cancel the annuity and pay the penalties than it was to lose potential income in a no-load mutual fund, I simply canceled it. For me, it turned out to be a good move.

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