Some things are funny.... but THAT was REALLY funny!Looks like this is going to be a repeat of hudson's initial thread in 2007:
http://www.early-retirement.org/forums/f28/advice-30113.html
There was plenty of good advice given back then, and it's only likely to be repeated now.
Consistency can be a virtue.Looks like this is going to be a repeat of hudson's initial thread in 2007:
http://www.early-retirement.org/forums/f28/advice-30113.html
There was plenty of good advice given back then, and it's only likely to be repeated now.
Did you know that a gift of $100 to the Wesley Fund contributes as much to the annual budget as a $2,000 endowed fund?
All annuities are really bad financial products, especially for someone like the OP who has a lot of money. An annuity would be a tax nightmare. A SPIA locks your principal away for LIFE too.It may be time to research Single Premium Immediate Annuities (SPIA) with joint life-expectancy or whatever it is called.
All annuities are really bad financial products...
I'm no fan of annuities, don't own one and don't have any plans to do so. That said, I can see where a SPIA might be a good financial instrument for some individuals.
I won't venture an opinion as to the suitability of a SPIA for the OP as there are many variables in the decision. But a broad brush statement that "all annuities are bad" isn't backed up by factual evidence.
I don't worry about anyone who has more money to spend than I do. Ha
Once you enter into a SPIA contract your principal is gone for life. All you get is the payments. Agents who sell SPIA's earn between 5 and 10 percent! That money comes right out of your principal in the form of lower payments. You also have to pay for mortality fees, underwriting costs, plus the insurance company factors in their overhead, plus insurance companies are for profit companies. People can easily do better elsewhere. Also the ordinary income monster will get you with annuities. It's not what you make, but what you get to keep.I'm no fan of annuities, don't own one and don't have any plans to do so. That said, I can see where a SPIA might be a good financial instrument for some individuals.
I won't venture an opinion as to the suitability of a SPIA for the OP as there are many variables in the decision. But a broad brush statement that "all annuities are bad" isn't backed up by factual evidence.
ETFs_Rule said:Once you enter into a SPIA contract your principal is gone for life. All you get is the payments. Agents who sell SPIA's earn between 5 and 10 percent! That money comes right out of your principal in the form of lower payments. You also have to pay for mortality fees, underwriting costs, plus the insurance company factors in their overhead, plus insurance companies are for profit companies. People can easily do better elsewhere. Also the ordinary income monster will get you with annuities. It's not what you make, but what you get to keep.