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VANITY - Need help/advice with annuity
My ownself

Posted on 12/16/2021 6:26:05 PM PST by PistolPaknMama

Are there any financial advisers on here with a good knowledge of annuities. Got a situation with lump sum offer and have no idea what to do. Yes, I've read everything I can read, and yes, I've exhausted other resources before posting here, plus my original adviser died. This is a last resort and I'd rather give my business to a FReeper anyway. Please private reply if we can talk/zoom/email. You will be vetted! Sorry for the vanity!


TOPICS: Chit/Chat
KEYWORDS: annuities; estateplanning; finance; vanity
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To: nuconvert

No Crap. This market is poised to drop 50%.


21 posted on 12/16/2021 7:23:46 PM PST by eyedigress (Trump is my President! )
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To: PistolPaknMama

To your answer is NO.

Go to a young tax man.


22 posted on 12/16/2021 7:25:00 PM PST by eyedigress (Trump is my President! )
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To: PistolPaknMama
Here's your best advice:

Don't take an annuity, period. The person who makes the most money on it isn't you, it's the person who sold it to you/sold you on it.

You want to see a Professional Financial Advisor who acts as a Fiduciary, and is fee based.

By seeing a Professional Financial Advisor who acts as a Fiduciary, they will talk to you about your total investments, goals, etc.. and help you determine what to do. You pay them a fee for that service, and they will not sell you anything. You're paying for their professional advice based on your situation.

23 posted on 12/16/2021 7:26:45 PM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: eyedigress

Market can NOT drop 50% so long as gov’t is spending money like a drunken sailor.


24 posted on 12/16/2021 7:29:05 PM PST by entropy12 (President Trump was the best president in my life time of 81 years and counting..)
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To: entropy12

That is a reasonable approach to their utilization.


25 posted on 12/16/2021 7:42:31 PM PST by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: entropy12

I will say this.

Name one business without a hiring sign.

You are about to see shit hit the fan.


26 posted on 12/16/2021 7:44:18 PM PST by eyedigress (Trump is my President! )
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To: usconservative

You are NOT correct. I bought annuities through Vanguard with ZERO load charge, and ZERO withdrawal charge. My funds are working 100% value with 100% tax deferred in variable annuities, invested in stock index funds. And there is NO annual RMD unlike IRA’s after age 70-1/2. My initial investment has tripled and have paid no capital gains tax, unless I cash out some or all.


27 posted on 12/16/2021 7:48:41 PM PST by entropy12 (President Trump was the best president in my life time of 81 years and counting..)
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To: eyedigress

Those signs will start disappearing as the covid handouts taper out. Especially if GOP gains seat in 2022.


28 posted on 12/16/2021 7:50:33 PM PST by entropy12 (President Trump was the best president in my life time of 81 years and counting..)
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To: entropy12

I am glad you are doing well but be sure to keep it in “your lane”.

It is also called “wheel house” if that helps.....


29 posted on 12/16/2021 7:52:45 PM PST by eyedigress (Trump is my President! )
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To: eyedigress

I am all out of stock index funds, which I had loaded up in March-April 2020. Patiently waiting for next crash. But it won’t happen until FED raises interest rates above 3% for 10 year bonds. Annuities are just like IRA’s for trading stock funds. No capital gains tax due!


30 posted on 12/16/2021 7:56:41 PM PST by entropy12 (President Trump was the best president in my life time of 81 years and counting..)
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To: entropy12

It won’t matter.

I’ll just get rid of all of it.

Maybe a few bucks here and there.


31 posted on 12/16/2021 8:01:51 PM PST by eyedigress (Trump is my President! )
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To: entropy12

I like you.

I was raised in a family of many and wore hand me downs during my childhood.

My Father passed when I was 13 and that really sucked.

I will not say where I am now but really bad situations can result in really great outcomes.

Please help your local community, it is who we are. :^)


32 posted on 12/16/2021 8:15:55 PM PST by eyedigress (Trump is my President! )
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To: PistolPaknMama

In 2009, with extraordinary luck, I bought an annuity at the very bottom of the stock market. That same week, the market began to come back and I made 140% in ten years.

However, once I discovered that I could lend money to real estate investors and make 10% per annum, I liquidated the annuity over time. Any cash I have is now loaned to fix n flippers, and secured in lien position on their rehab properties. If they fail, I own the property.

If you’d like to learn more, please message me here and I’ll show you how. I’ll never go back to stocks!


33 posted on 12/16/2021 9:09:53 PM PST by LittleBillyInfidel (This tagline has been formatted to fit the screen. Some content has been edited.)
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To: entropy12
You are NOT correct.

I'm exactly correct. You won't find a fiduciary worth their salt that would ever recommend an annuity.

34 posted on 12/16/2021 9:11:13 PM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: entropy12
How can you be all out of stock index funds when in post #27 above you said:

My funds are working 100% value with 100% tax deferred in variable annuities, invested in stock index funds.

If you think you're avoiding a market crash/correction this way, you couldn't be more wrong.

You are a perfect example of someone who really needs to see a Professional Investment Advisor that's a Fiduciary. Not a single one that you could find, would ever tell you to load up 100% into a variable annuity. Even Vanguard would never tell you to do that.

From Vanguard's website: "That's not to say an annuity can't be a viable retirement income option. But given participants' understandable wariness, an annuity shouldn't be the primary—and certainly never the only—option they are given, writes Colleen Jaconetti, a senior investment strategist in Vanguard Investment Solutions, in her blog post Retirees and the Curb Appeal of Annuities."

Source, Vanguard Published July, 2021

35 posted on 12/16/2021 9:18:12 PM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: usconservative

I am sitting on triple amount of money than what I put in to the annuities. I can cash out without any commissions. In the meanwhile I can trade index funds without capital gains. If you don’t understand this, good luck to you.


36 posted on 12/16/2021 11:07:46 PM PST by entropy12 (President Trump was the best president in my life time of 81 years and counting..)
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To: usconservative

What I was trying to say is there was no load charge.
100% of my capital began working. Avoid paying sales commission and load charges.


37 posted on 12/16/2021 11:09:59 PM PST by entropy12 (President Trump was the best president in my life time of 81 years and counting..)
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To: usconservative

That article misses the main point. Which is than variable annuities give us capital gains tax deferred trading. I was already maxxed out on IRA contributions. There was no other place for my additional funds to trade tax deferred trading.


38 posted on 12/16/2021 11:14:09 PM PST by entropy12 (President Trump was the best president in my life time of 81 years and counting..)
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To: Larry Lucido
Hear that? Severe penalties for bad advice!

LOL!

39 posted on 12/17/2021 7:17:16 AM PST by PistolPaknMama
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To: DIRTYSECRET
Annuities? DON’T.

Too late! I've been in this one for 20-ish years. They've offered a lump sum to buy me out or leave it where it is. Just don't want to take a hit/loss and pretty darn clueless.

40 posted on 12/17/2021 7:20:41 AM PST by PistolPaknMama
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