Community Chat

[Mmsfoxxie]

Never thought I'd have a financial advisor but since I've retired I've been told that my fixed annuity needs to be changed.  An Indexed Annuity has been suggested but I never heard of it before.  I've been researching and I t seems safe but the money has to sit for 7 years to not be penalized.  The advisor said that if it doesn't grow, it won't lose either.

Does anyone have an Indexed Annuity and if so, how do you feel about it.  At 68, I might need to use funds before the 7 years are up.  I'm thinking about leaving well enough alone.

[Kachina624]

I know financial advisors can be intimidating but you really need to speak with an expert who can evaluate your entire financial situation.  A shopping channel board is not the place to do this.  I am very comfortable with my Edward Jones advisor right in my neighborhood.  There are many licensed companies available...call and make an appointment.

[tansy]

Your financial advisor would probably benefit financially (receive a commission) for selling you this annuity.  Not to be a pessimist but I wouldn't want my money tied up for 7 years if I were 68.

I don't think anyone here can advise you well without knowing more details.  You want to see a fee-only financial advisor.

[Kadilac]

If you feel you are going to need the money before 7 years; don't do it.

[lianne]

Suze Orman discusses annuities at length both on her show and her website. She hates them and warned never to invest in them. Her website has tons of information on them. You might want to look there. 

[Snowpuppy]

Annuities aren't always a bad idea. My BFF is enjoying her retirement with her 7% fixed rate annuity she took out in the 1990's. 😆

At this point in your life I think a fixed rate is better than a variable rate. They aren't going to raise rates in a meaningful way anytime soon.

I think Suze is about benefiting Suze.

[KALLIE]

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@Snowpuppy wrote:

Annuities aren't always a bad idea. My BFF is enjoying her retirement with her 7% fixed rate annuity she took out in the 1990's. 😆

At this point in your life I think a fixed rate is better than a variable rate. They aren't going to raise rates in a meaningful way anytime soon.

I think Suze is about benefiting Suze.

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I AGREE.

[Kachina624]

Please, please don't take Susie Orman advice on anything.

[Mmsfoxxie]

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@Kachina624 wrote:

I know financial advisors can be intimidating but you really need to speak with an expert who can evaluate your entire financial situation.  A shopping channel board is not the place to do this.  I am very comfortable with my Edward Jones advisor right in my neighborhood.  There are many licensed companies available...call and make an appointment.

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@Kachina624, coming to the board is for opinions.  I've already spoken to the expert such as Edward Jones but I know he will put his own spin on it to make his money.  This is back up info.

[pdlinda]

I retired with a fixed rate annuity for life and couldn't be happier with the security it provides to me!

Agree with those who question motives of "advisors" who have their own hidden agendas for investment recommendations.  I say use your own commen sense, intelligence and life experience.