Kevin, your comments are very much appreciated! Your knowledge is one of the benefits to being an HD reader and to learn from other experienced people in the financial world.
Bob G, do you mind sharing what your overall fees are? My understanding, at least for a variable annuity, there is an extra fee for the death benefit rider. My late mother was paying 3.55% annually in fees and that included a death benefit rider.
I'm aware you were in the financial field, but I'm basing my response on what was shared with me. So far, it seems to be that all the ones I've asked are put in annuities. I don't know which kind because the person doesn't know. And this is not based on one particular advisor, but from various ones in different states. A very large and well known investment brokerage did the same to my brother, and he doesn't understand annuities. A few days ago the daily Insight on HD read: There are those who seize control of their financial life—and then there are those who wake up to find a variable annuity in their IRA. I saved that headline because my parents were put in that trap. My father died before the surrender period ended. When the surrender period was up, I asked the current advisor what should we do, and was told to renew the annuity. Another advisor at a large firm said, they couldn't sell her an annuity because of her age (over 85). Which one was honest? Plus, my mother was paying 3.55% in annual fees. We moved the money and got the advisors hands out of her pocket book. There is a book called Everybody Wants Your Money. The author talks about that very same headline. Ironically, that author later on went to work for the same institution that did my parents wrong. If you can't beat them, join them! Maybe these advisors are not fiduciaries?
Whenever someone tells me they have a financial advisor, I'll ask them if the advisor put them in annuities. The answer is always yes, but they couldn't explain anything what an annuity is, the costs or the reason why.
Comments
Dan, there must be a way to post a picture because R Quinn posted a picture of his condo community in his article: https://humbledollar.com/2024/07/pluses-and-minuses/
Post: The Opposite of HumbleDollar
Link to comment from April 29, 2025
Kevin, your comments are very much appreciated! Your knowledge is one of the benefits to being an HD reader and to learn from other experienced people in the financial world.
Post: RDQ Sorry folks, I still see annuities, including deferred annuities, as a viable option for creating steady retirement income.
Link to comment from April 25, 2025
That's quite a difference in fees. Thanks for sharing!
Post: RDQ Sorry folks, I still see annuities, including deferred annuities, as a viable option for creating steady retirement income.
Link to comment from April 25, 2025
Good topic to be aware of. I have not tried deleting my info, but if I felt it was necessary, I would try https://incogni.com/. I read Kim Komando daily and she highly recommends incogni and has written a good article why she selected them. https://www.komando.com/tips/privacy/remove-personal-data-incogni/ Kurt the CyberGuy also recommends incogni. https://cyberguy.com/privacy/best-services-for-removing-your-personal-information-from-the-internet/ A one-time removal probably won't keep you removed. Something like incogni will continuously search to keep you scrubbed.
Post: I want to see less of me on the internet
Link to comment from April 24, 2025
Bob G, do you mind sharing what your overall fees are? My understanding, at least for a variable annuity, there is an extra fee for the death benefit rider. My late mother was paying 3.55% annually in fees and that included a death benefit rider.
Post: RDQ Sorry folks, I still see annuities, including deferred annuities, as a viable option for creating steady retirement income.
Link to comment from April 24, 2025
Jonathan, for my clarity when you say immediate annuity, is that the same as a Single Premium Immediate Annuity (SPIA)?
Post: RDQ Sorry folks, I still see annuities, including deferred annuities, as a viable option for creating steady retirement income.
Link to comment from April 24, 2025
I'm aware you were in the financial field, but I'm basing my response on what was shared with me. So far, it seems to be that all the ones I've asked are put in annuities. I don't know which kind because the person doesn't know. And this is not based on one particular advisor, but from various ones in different states. A very large and well known investment brokerage did the same to my brother, and he doesn't understand annuities. A few days ago the daily Insight on HD read: There are those who seize control of their financial life—and then there are those who wake up to find a variable annuity in their IRA. I saved that headline because my parents were put in that trap. My father died before the surrender period ended. When the surrender period was up, I asked the current advisor what should we do, and was told to renew the annuity. Another advisor at a large firm said, they couldn't sell her an annuity because of her age (over 85). Which one was honest? Plus, my mother was paying 3.55% in annual fees. We moved the money and got the advisors hands out of her pocket book. There is a book called Everybody Wants Your Money. The author talks about that very same headline. Ironically, that author later on went to work for the same institution that did my parents wrong. If you can't beat them, join them! Maybe these advisors are not fiduciaries?
Post: RDQ Sorry folks, I still see annuities, including deferred annuities, as a viable option for creating steady retirement income.
Link to comment from April 24, 2025
Whenever someone tells me they have a financial advisor, I'll ask them if the advisor put them in annuities. The answer is always yes, but they couldn't explain anything what an annuity is, the costs or the reason why.
Post: RDQ Sorry folks, I still see annuities, including deferred annuities, as a viable option for creating steady retirement income.
Link to comment from April 24, 2025
Buffett may have given a heads-up last Fall when he sold all of his SPY & VOO holdings.
Post: School Is In
Link to comment from April 19, 2025
You did very well. Hope it treats you good for many safe travels for as long as you and Connie are able.
Post: Car talk- Quinn likes friendliness
Link to comment from April 19, 2025