Beau inherited some $ from his Mom (split 5 ways with his siblings; not much) when she passed. I guess letting that GROW until he needs it later in life may not be an option any longer if this bill isn't killed.
Do any FReepers HAVE Annuities? Experiences?
Might be better to invest in brass, lead, copper, and gunpowder.
Got to “Setting Every Community Up for Retirement Enhancement (SECURE)”
I already don’t like it.
So it’s another Death Tax, then.
Has to be passed by the Senate and signed by the president.
Highly unlikely.
Hurray! The government is going to SECURE our future.
Our future will be as SECURE as our health care is affordable. Great and glorious government can do no wrong.
The writer doesn't know English.......or math........
I don’t trust the government. This is why my retirement is based on owning real estate free and clear, owning the “stuff” I need free and clear (zero debt) and Precious metals - that I physically possess. And Social Security and a couple of small pensions (only gets me a few hundred a month).
And the real estate is in a state with virtually non-existent property tax ($250 a year on 32 acres and a home), but high tax on income (which I won’t have) and no tax on Social Security benefits.
The only rules they can really change that would have much effect on me are SS rules. and those are pretty difficult for them to change.
Corporate greed pales in comparison to government greed.
These Rats need to leave my retirement funds alone.
Disregard previous post.....just woke up.................
What: SECURE us?? ... AGAIN?
Teresa Ghilarducci rears her ugly head yet again.
https://en.m.wikipedia.org/wiki/Teresa_Ghilarducci
You didn’t really think they were going to let all that money just sit there, did you?
L
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New retirement plan. Work until you die. Simple plan.
My parents and my wife's parents had annuities. They were NOT a very good investment. The up-front costs (commissions for the sellers) were very high. The interest paid by the annuities once they were paid up (no more commissions) were marginally OK, but certainly not great. Once they were inherited, the interest paid became negligible. This necessitated them to be cashed out. Since the parents all lived to a ripe old age :>) , the payout counted significantly as income, thus subject to our income tax rate, not theirs.
Save carefully. When that government gun is in your face, you will need a nice big bribe to preserve your life.
Annuities are legalized theft.
NEVER get annuity.
If Pelosi’s house is fer it, I’m agin it.
Beware of ANY Dim bill, particularly those with a cute and clever acronym.
The republicans pushed thru the IRA in 1985-86 over the Democrat objections. There is a lot of historical data on the hearings, committee meetings and the press reporting. Basically, the democrats wanted to keep people from investing in themselves and in America stocks/any stocks. By keeping people from experiencing stocks they could continue to demonize big business and the markets because no one would understand how companies investing, nor would people be invested and a stake in the markets. Once people start to invest, they become independent and no longer only look to social security and medicaid/medicare to live on in their older retirement years.
Anything that destroys stock ownership or serves to make people stockholders and acquire an understanding of the markets keeps them serfs.
People who own stocks and have IRAs usually do not obsess like the “Occupy Wall Street” types who have an irrational basis to argue against companies and the markets.
Even Hillary’s “pork bellys” $2 turned into 170K or whatever the absurd amount really only served to undermine the truthful basis of the markets.
I looked at them in past years and found them to be really good....for the company selling them.
For a guarantee of payments for as long as you live they offer a terrible return (i.e. small monthly pmt) and once you give them the lump sum to fund annuity you cannot get it back. Also most are not transferrable so if you hand them a million to buy an annuity on Monday and drop dead on Friday the pmts stop and the money is gone.
Things may have changed in the past few yrs but one thing has not. Annuities are complex investments and need to be studied very carefully.
My experience as a forty plus yr investor is I have never seen an annuity plan I could not beat by a simple investment plan.