Annuity with a guaranteed 8% annual return

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ziggy29 said:
And realistically few individuals own individual T-bills. Most folks hold them in the form of money market funds which are even easier to sell.
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Exactly. Or short term bond funds. I can't believe an annuity salesman talks about liquidity and then disses treasuries.

Retirement Mechanic said:
Remenber that the annuity is for long term planning, not short term liquidity. .
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So you sell one to a 79 year old widow?
 
REgarding the 70 yo: A SPIA w/ 10 year certain was recommended. But her advisor kept her in the markets.

Curious: Why all the protection for brokers and attacks on insurance? Brokers are above reproach? Or si this just a pack mentality?
 
Oh boy. Setting up the lawn chairs for a good view.
 
Retirement Mechanic said:
REgarding the 70 yo: A SPIA w/ 10 year certain was recommended. But her advisor kept her in the markets.
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A few minutes ago she was 79...

No one here is going to argue she should have been "in the markets" to begin with. If you spent some time understanding what this forum is all about rather than selling, you'd know that already.
 
ziggy29 said:
We don't tend to have wave after wave of commissioned brokers trying to convince us to buy stocks.
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No, they try to convince us to pay them to manage our portfolios or to use actively managed funds, etc.

Brokers, planners, advisers, etc. also get their time on the stand here........ But there's something special about annuity salesfolks because they seem to be the shiftiest of them all.

Note - certain annuities in certain situations can be a useful tool and worth the expense. It's too bad salesfolks predominantly push the high commission products to anyone who will pay the load.
 
Retirement Mechanic said:
I have sat down with a surviving spouse who was at a total loss as to what to do with her husband's portfolio. This at a time when the markets were sinking. Her advisor assured her the markets would recover. She was at the age of 79 at the time.
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So you sold her a really good deferred variable annuity, and a nice universal life policy, right? (Note: I have first-hand experience with this. Wrapping up my mom's estate and trust was educational.)
 
Retirement Mechanic said:
Well Ziggy, it appears you are pretty astute when it comes to investing. The annuity option may not be your best option. I have sat down with a surviving spouse who was at a total loss as to what to do with her husband's portfolio. This at a time when the markets were sinking. Her advisor assured her the markets would recover. She was at the age of 79 at the time. Someone kindly told her annuities were a bad thing. The annuity is not the total answer. But it serves very well the retired population who does not have the time window or the savvy to invest in the markets.
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Turned out the advisor was right (the market did recover). On the other hand, you asked her to liquidate her portfolio at the worst possible time so that she could buy an annuity product. How would that have served her well?
 
She needed income, not anxiety. The market recovery was short term. There are those who are at the same place as they were 10 years ago, still waiting for their brokers to earn their fees.
 
Retirement Mechanic

I have a pretty simple question for you. Can you give us an some real numbers associated with of a [-]Equity Index[/-] Fixed Index annuity that you have sold in the past where the client is currently drawing income from the product.

So for example back in 2000, I sold $100,000 policy to a 56 year old couple, last year at 65 they annuitized it and started withdrawing $X for life.
A link to details of the product you sold would be very helpful as well as comparison to current products from the same company.

thanks.
 
Retirement Mechanic said:
There are those who are at the same place as they were 10 years ago, still waiting for their brokers to earn their fees.
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There are those richer, poorer and every condition in between over the past ten years.

And there are many of us here - probably the majority - who do not pay fees to advisors/brokers. But once again, you wouldn't know since you haven't bothered to learn anything about this forum, too busy pounding your one-note "buy an annuity" piano...
 
BTW Mechanic, your responses without quoting who you are replying to make no sense.

Like watching someone walk down a hallway, opening doors at random and having a one-way conversation into an empty room...
 
Although I now realize this is not an educational forum, I'd be happy to show you a 10 year back dated annuity illustration that would display actual income guarantees, or, how about a spread sheet of actual income riders as guaranteed by the various carriers. I could also send over actual client statements with stated annual yields. And No, I am not trying to 'sell' any annuity here. That would not be possible. I was just trying to add to the discussion and hit a virtual brick wall with a bunch of retirement 'experts'.

But, of course, I have already been called a thief, a thug, and shifty eyed. So, what would be the positive in forwarding the info?
 
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