frugalscholar
Dryer sheet wannabe
- Joined
- May 1, 2014
- Messages
- 18
This is my very first question, though I have been reading for quite some time. Thanks to all for good sense, financial and otherwise.
About 2/3 of my retirement stash is in TIAA. I was recently assigned a new "adviser." I mentioned that I had built up a large amount of cash (a mistake?) that was sitting in a high-yield savings acct. He immediately recommended Universal Life Insurance, which he said came with a 4.5% yield (less state tax). When I asked about commissions, he said "No commissions. We're TIAA. We're different."
He basically said it was a no-risk way to get higher interest than what is available elsewhere. I later read that Universal Life Insurance cannot be sold as an investment. But the adviser came pretty close. He said that most of his clients use it as a cash-generating vehicle.
Is this a Run, Don't Walk situation? I am 60 and my spouse is 62 if that makes any difference.
Thank you for any help.
About 2/3 of my retirement stash is in TIAA. I was recently assigned a new "adviser." I mentioned that I had built up a large amount of cash (a mistake?) that was sitting in a high-yield savings acct. He immediately recommended Universal Life Insurance, which he said came with a 4.5% yield (less state tax). When I asked about commissions, he said "No commissions. We're TIAA. We're different."
He basically said it was a no-risk way to get higher interest than what is available elsewhere. I later read that Universal Life Insurance cannot be sold as an investment. But the adviser came pretty close. He said that most of his clients use it as a cash-generating vehicle.
Is this a Run, Don't Walk situation? I am 60 and my spouse is 62 if that makes any difference.
Thank you for any help.