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09-27-2011, 02:54 PM
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#121
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Dryer sheet wannabe
Join Date: Sep 2011
Location: Glastonbury
Posts: 22
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70 souinds like a good age
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09-27-2011, 02:55 PM
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#122
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by Retirement Mechanic
Finance Dude, the term 'locking up' is inaccurate and over used. When someone buys a bond is his money locked up. How about a cd? Even with a stock there is always a chance of selling at the wrong time. Remenber that the annuity is for long term planning, not short term liquidity. Do you have all your funds in one mutual fund or one stock? I should hope not. Lets open up to the proper use of an annuity.
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A treasury bond is anything but locked up.
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09-27-2011, 02:56 PM
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#123
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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: 50,004
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Quote:
Originally Posted by Retirement Mechanic
70 souinds like a good age
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Sounds like a good age to do what?
__________________
Numbers is hard
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09-27-2011, 03:01 PM
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#124
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by REWahoo
Sounds like a good age to do what?
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To celebrate your 20th anniversary of retirement...
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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09-27-2011, 03:03 PM
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#125
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Dryer sheet wannabe
Join Date: Sep 2011
Location: Glastonbury
Posts: 22
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So, I have to last 150 posts for you to buy lunch for Wahoo. My pleasure. BTW. Wahoo looks like he likes his meat raw.
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09-27-2011, 03:04 PM
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#126
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by Retirement Mechanic
BTW. Wahoo looks like he likes his meat raw.
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Nah...just annuity salesmen...
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09-27-2011, 03:06 PM
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#127
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Dryer sheet wannabe
Join Date: Sep 2011
Location: Glastonbury
Posts: 22
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T Bills do not have a maturity date? Yep, you can sell a T Bill, but, still, they are not liquid. Have you seen rates lately?
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09-27-2011, 03:08 PM
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#128
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by Retirement Mechanic
T Bills do not have a maturity date? Yep, you can sell a T Bill, but, still, they are not liquid. Have you seen rates lately?
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Treasuries not liquid? Easiest thing in the world to sell. Literally.
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09-27-2011, 03:11 PM
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#129
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by MichaelB
Treasuries not liquid? Easiest thing in the world to sell. Literally.
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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.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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09-27-2011, 03:24 PM
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#130
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by ziggy29
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.
Quote:
Originally Posted by Retirement Mechanic
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?
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09-27-2011, 03:30 PM
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#131
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Dryer sheet wannabe
Join Date: Sep 2011
Location: Glastonbury
Posts: 22
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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?
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09-27-2011, 03:32 PM
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#132
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 5,596
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Oh boy. Setting up the lawn chairs for a good view.
__________________
I purr therefore I am.
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09-27-2011, 03:32 PM
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#133
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by Retirement Mechanic
Curious: Why all the protection for brokers and attacks on insurance? Brokers are above reproach? Or si this just a pack mentality?
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We don't tend to have wave after wave of commissioned brokers trying to convince us to buy stocks.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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09-27-2011, 03:33 PM
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#134
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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: 50,004
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Quote:
Originally Posted by Retirement Mechanic
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.
__________________
Numbers is hard
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09-27-2011, 03:38 PM
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#135
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,151
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Quote:
Originally Posted by ziggy29
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.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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09-27-2011, 03:40 PM
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#136
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,151
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Quote:
Originally Posted by Retirement Mechanic
T Bills do not have a maturity date? Yep, you can sell a T Bill, but, still, they are not liquid. Have you seen rates lately?
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This just sounds like it came from an annuity salesperson.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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09-27-2011, 03:51 PM
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#137
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Moderator Emeritus
Join Date: Oct 2007
Location: Portland
Posts: 4,946
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Quote:
Originally Posted by Retirement Mechanic
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.)
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09-27-2011, 04:06 PM
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#138
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Quote:
Originally Posted by REWahoo
Not too many 79 year-old widows on the Early-Retirement forum...
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There are a few of us in about 18 to 25 years !
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09-27-2011, 04:09 PM
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#139
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Moderator Emeritus
Join Date: May 2007
Posts: 12,894
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Quote:
Originally Posted by Retirement Mechanic
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?
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09-27-2011, 06:05 PM
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#140
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Dryer sheet wannabe
Join Date: Sep 2011
Location: Glastonbury
Posts: 22
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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.
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