OK, I went to the virtual round file and picked out the PDF. Granted, I still didn't read it word-for-word, but I did read through the chapters pertaining to what they refer to as the 3rd and final stage of life: Retirement. (and since stage 1 = adolescence, and stage 2 = the w*rking part of one's life, no longer apply to me, I skipped them).
In Chapter 6, "When To Annuitize", it states,
"In Chapters 4 and 5, we made the point that payout annuities, either variable or fixed, have a rightful place in an individual investor's optimal retirement portfolio. We argued that,...., the investor should have a substantial portion of total wealth allocated to annuities that provide some form of guaranteed income for life."
I personally don't care much for annuities, and I certainly don't think that a "substantial portion of total wealth" should be held in annuities. A lot of the rest of the discourse continues on with annuities and life insurance. And though I said that I don't care much for annuities, I should clarify that a bit. I do have a DB pension (cola'd) that is, for all practical purposes, an annuity. That one, I
really like! However, that said, I prefer not having other annuities....fixed or variable. They don't fit in
my portfolio.
As for life insurance, I do have a term life policy which I purchased a couple of years ago "just in case". It's a rather small one that will cover all the expenses of my demise, and give my beneficiaries a few years worth of nice vacations.
In my original post, my intention wasn't that the document was totally worthless. Only that it was pretty much worthless to me.
As far as the "no new information please" statement, the primary reason I come to the ER forums is to glean new information that is pertinent and beneficial to me.
No offense taken, nor any intended. Just a little clarification.
