Annuities (Almost) Always Stink

Рет қаралды 5,969

Күн бұрын

Пікірлер: 35

@javaskull88 5 ай бұрын

I’m a 63 year old CPA who did a lot of research before buying a simple, immediate single life annuity from a top rated company. No life insurance, no investment options - about as cheap and plain vanilla as you can get. It gives me a fixed, guaranteed monthly income for life - like a pension. It’s inside a Roth IRA so that monthly income is tax free. I understand it thoroughly and am very happy with it.

@robbrizzi 4 ай бұрын

You are a very generous man! Hopefully your agent is very grateful for the money they are making.

@airbourne2 5 ай бұрын

My suspicion is that Reverse Mortgages also have 200-page contracts.

@danklein8587 5 ай бұрын

This video should be viewed by anyone that knows someone who is talking abought buying an annuity.

@l4xx03luyf6l0to 5 ай бұрын

I agree with you for most of the reasons you mentioned. I have one that is great for one thing. It has a fixed income option that guarantees a minimum of 2% interest. That has been great when the interest rates on savings accounts has been lower. Several years ago my financial advisor recommended one to me for the purpose of having somewhere to keep my RMDs. It had a large minimum purchase amount but they still let me buy one with only a $10 a month recurring deposit. I stopped it once I had the account minimum of $300. It also had a surrender fee for the first ten years. That was not an issue for me since I opened it long before the age of RMDs. I found another use for it. I kept my emergency fund in it until interest rates went above 2%. Currently it is in a money market account at 5%+. When interest rates go back down I will transfer it back.

@TheCoinCompassChannel 5 ай бұрын

Thanks for making everything clear, Clark! This video really helps 😊

@douglasdingler9405 5 ай бұрын

When I looked into these, I discovered that the person selling them only knows enough to get the sale. They are granted an insurance license only so the company can claim licensed reps selling. Instead we should refer to those selling them as salesman, not insurance agents. I know more about insurance than most of those salespeople, which is essentially nothing.

@RealOne696 Ай бұрын

Sounds like Clark got "Sold" by an agent😄

@jeffmac3071 5 ай бұрын

A fixed annuity with a 7 year surrender deffered tax at 5.25% compounded, a 10% withdrawal per year allowable without a surrender charge, no fees and guaranteed by an A+ A.M.Best insurance company. What's the catch?

@joyridle 5 ай бұрын

I bought an Annuity 25 years ago. Now that I am trying to retire and need the money. The person who sold it to me won't help me. This annuity had life insurance included in it. Never asked him for life insurance. But paid for it all these years. Only wanted the most money I could get when I retired. Who could I go to for help?

@javaskull88 5 ай бұрын

Insurance companies are regulated by the states, so find out which agency that is in your state.

@SabrinaTamaya 5 ай бұрын

Thanks for your explanation and breakdown.

@jerrydimond4759 5 ай бұрын

I have an annuity that I have been receiving a monthly payment for 15 years. It will continue to pay me for the rest of my life. I purchased the annuity with $100,000 The total I have received is $179,000. It is an IRA so of course taxable. But even a pension is really just an annuity. Social Security is an expensive annuity. So what if someone made a commission. The commission isn't coming from your principal.

@masterblaster2593 5 ай бұрын

What type of annuity did you get?

@teenajones7120 5 ай бұрын

He said annuity as pension payments for life are ok...annuity not good as investment

@habbadabbado5765 5 ай бұрын

Do you realize if you invested that $100,000 in the S&P500 15 years ago, it would now be worth $782,000?

@GaryCottle-lw3cx 5 ай бұрын

I have an Allianz Fixed Index Annuity and only getting 2.74% after 8 years. My Stock Index Funds are getting 9%. Time to get out of annuities.

@HankColter 5 ай бұрын

I wonder if block chain technology has some features that would allow a new and improved annuity that wouldn't have all the cons. Basically annuities are a form of insurance.

@chrisforker7487 5 ай бұрын

Excellent video Clark, more needs to be said about annuities to keep people away from them! This should be pinned somewhere so people can see it!

@GenXJarHead 5 ай бұрын

It’s sad that federal employees are targeted by these types of people. All the retirement seminars are sponsored by insurance companies.

@stephendove2850 5 ай бұрын

Those TSP accounts are juicy targets for these insurance predators

@bobbenavides 5 ай бұрын

What about the Fixed Deferred Annuity that is like a CD?

@habbadabbado5765 5 ай бұрын

If it’s like a CD…..Then why not get a CD without all the fees, charges and penalties?

@cathylingo9521 5 ай бұрын

My husband had a 403B. Is that the same a an annuity?

@habbadabbado5765 5 ай бұрын

A 403B is an account in which someone holds their retirement funds with an employer that is a public school, church or similar organization. He could have those retirement funds invested in the offerings by the 403b, so he should know.

@pensacola321 5 ай бұрын

I have had good success with annuities. You have to be selective, but for many situations they are an excellent product providing an excellent result. I am not associated with the industry, but Clarke has a vendetta against them that I don't quite understand. Have an open mind. Clarke does not know all! 😅

@HDHQDIRECT 5 ай бұрын

Explain good success. The fact that the only ones selling them are insurance companies, tells you all you need to know.

@pensacola321 5 ай бұрын

I@@HDHQDIRECT Annuities are an insurance product, Cletus.😊

@dennisbates885 5 ай бұрын

You hate all annuities, what about MYGA's ? Annuities are Insurance and not an Investment product and should be used to insure against certain types of risk. The stock market cannot match the right annuity used for the right purpose. And as far as the salespeople, I have found the lack of ethics on both the insurance side and Investment side of the house. Way too many so called "advisors" act in their own best self interest. Sometimes even those with KZbin Channels.

@rustynail7866 5 ай бұрын

Any high commission product is designed for the seller, not the buyer.

@pensacola321 5 ай бұрын

@@rustynail7866 MYGAS , have low commissions, Einstein