Annuity Explained for Retirement | Do The PROS Outweigh The CONS
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- Опубликовано: 16 июл 2024
- This video “Annuity Explained For Retirement | Do The Pros Outweigh The Cons” is the second in our annuity series.
We recap annuity basics (e.g. what is an annuity, who buys an annuity & the difference btw a retirement annuity vs IRA) & dive deep into annuity advantages, annuity problems & solutions & if an annuity investment is good for retirement planning.
The next three videos in the coming weeks will go through:
- the types of annuities - fixed annuity vs. indexed annuity vs. variable annuity
- the difference between an immediate annuity vs. deferred annuity
- how to structure an annuity payment &
- annuity riders
0:00 Intro
3:07 Advantage #1
4:23 Advantage #2
4:59 Advantage #3
7:31 Disadvantage #1
10:42 Disadvantage #2
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Thank you for sharing your knowledge and experience, it's very helpful, much appreciated💯
I wish you were my financial advisor!
Fixed annuities only.❤
Love the video! You mentioned that Mass Mutual paid 5.6% and Guardian paid 6% in dividends in 2021. Curious about what happened in 2022 with the bond market doing so terribly... did the dividends hold up? Have there been any years when they have not paid?
Who rates annuities and what are the key factors to check for rating a particular company? Thanks in advance.
Interesting, thanks for information. A few questions first, what is the actual cost of the stream of income vs the annual return of market plus dividends? What is the commission? What are is the annual fees? What, if any, is the surrender fee? Since growth is tax free, how is is better than a Roth IRA? Can I pass remaining balance upon my death to my children? Thanks, in advance, for your guidance.
Is it inflation adjustable?
What would you suggest a highest amount of money to have in any one Annuity?
With regard to income annuities(immediate) where you hand over a lump sum to be annuitized. Why not just take your lump sum and divvy it up into a monthly payment for the time frame you are interested in and pay yourself? What is the benefit of handing it over to be annuitized and pay a fee?
The benefit is that if you are annuitized, the insurance company must continue to pay you even after you have used up all the capital and interest; this will depend on the term-certain and/or whether you chose "life" payments. If you divvy up your lump sum you will eventually run out of money and be left with nothing. Both scenarios assume that you will live long enough to generate a loss to the insurance company, or run out of money if you do it yourself.
Thank you! I have been worrying about my State Employee Retirement which requires annuity purchase unpon separation. Is there a good calculator for this?
If I start say a 7-year FIA and attach an income rider, do I have to keep that 7-year FIA till I die in order to get the guaranteed income for life stream from the income rider? If so, and on the way to my death date (paying 1% or more annual income rider fee) and I turn on the income stream at some point, am I depleting the FIA until zero and then the income rider kicks in?
So glad I saw you did this video on annuities. You were very helpful with a question I had on I-bonds.
My mother has her retirement in an annuity. It is over the FDIC insured amount. If she adds my name for protection, would her FDIC insured amount go up to $500,000 like an FDIC insured savings account? If not, what should she do and how can she divide up funds and avoid withdrawal taxes, if possible? The maturity date has been reached. Thank you!
Annuities are not covered by FDIC insurance, but rather by each state’s insurance guarantee association - in the event the insurance company fails. You'd need to check with your state's insurance guarantee association regarding limits.
This video is a very good education for those new to annuity. Thanks.
2. I really love your music. Pls who`s the artist and title of the track. Thanks
I just spoke to our editor & he doesn’t have this info anymore - sorry!!
I'm getting an annuity and pension but I would to know how to get most of these I have no idea. I have no kids or wife. What should I do?
does,a fixed annuitie increase payouts with inflation
is HYSA at 4.9 % better than annuities?
What is meant by "no value"? Because of the trend of the market, my account says "no value? Is my money gone?
I’m 76 and have about $290k in an annuity. I have had to take distributions since I was 70 1/2.
The company- Venerable- keeps sending me letters saying I can take a certain amount of money each month for "the rest of my life".
I think the last letter said the amount was $2,200 a month.
If I live 10 more years I would be 86. So if I was to do that- take the $2,200 “ for life” right now, the money would be
almost all gone in 10 years by the time I turn 86-right?
I really do not WANT to live past age 86 but if I did, would they still keep paying me?
$2,200 a month x 12 months= $26,400 a year
$26,400 a year x 10 years = $266,200
1-3% expense ratio, whew that's expensive, sounds like annuities haven't caught up to the Bogle-revolution on squashing expenses to generate top returns.
when you purchase an annuity- you are simply funding your own pension for retirement. How can you go wrong with that?
What is the difference between an annuity and whole life insurance policy?
These term vs whole life insurance video should help: ruclips.net/video/W0UVoZNr6ZE/видео.html
Are you going to address the purchase of precious metals in the future as a hedge?
I can add it to our long-list - we have quite a few other videos to work through first
If insurance company collapses as in 2008,what then?
Didn't Empower acquire Mass Mutual?
Not the insurance side from what I understand
For whatever it is worth, the background music adds nothing. In fact, it distracts from trying to focus on what you are saying. It's not like you attract an audience with a short attention span, and doesn't want to focus. Or needs a music track to stay interested. Nope, we are interested already.
Noted
@@DiamondNestEgg Yes, the music is distracting to me. I rather just hear the words spoken.
There's another poster above who actually loves it, and want's to know the name and author. lol Guess some people are really into elevator music.
The returns of annuity is way too low
To me, they only make sense if your family tends to live forever, into their 90s. For a male in the US the average life expectancy is around 77 (and dropping). You are just paying for a piece of mind, just like some people can't handle investing in mutual funds and throw all their money into CDs and savings account for returns that barely keep up with inflation.
I have had an annuity for 8 yrs and have paid off nearly half of my original premium . I am interested in another SPIA or MYGA . May I contact you ?
Hi Ed - Thanks for reaching out, but unfortunately, I'm not taking any new clients at this point. I can connect you with someone that I've worked with on this though. Drop us a note at jennifer@diamondnestegg.com if you're interested.