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Has anyone ever bought an annuity, or had a close relative who did?

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raccoon Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-23-11 09:24 AM
Original message
Has anyone ever bought an annuity, or had a close relative who did?

If so, please share your experience.

PM me if you want.


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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-23-11 09:35 AM
Response to Original message
1. Never really studied, tho I think my sister.in.law sold them once.
Edited on Tue Aug-23-11 09:37 AM by elleng
My suggestion: Check the costs, and determine whether they're a smart place to park assets.
:hi:

ALSO, check Seniors' Group.
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A HERETIC I AM Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-23-11 07:22 PM
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2. My mom has one.
And in her case, it is just about the perfect instrument for the amount of assets she had to work with.

She has a Variable that is invested pretty conservatively. She'll basically never run out of money.

This one has a "Step-Up" guarantee, which increases her withdrawal base by 5% every year on the anniversary of the purchase date. She can withdraw up to 6% of that base annually with no problem and since it increases every year, she basically gets a raise every 12 months.

What can be concerning is the redemption value of the Annuity, as it has gone down with the market as well as the death benefit. But what is really important is the withdrawal base. She's had it for 3 years now and that base has gone up quite a bit.

They can be complicated, tedious to read through and difficult to understand completely. They can also have many hidden and unhidden fees, but for certain individuals and/or portions of a large portfolio, they can be perfectly serviceable assets.
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raccoon Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-24-11 07:31 AM
Response to Reply #2
3. Thanks for that info, Heretic! nt
Edited on Wed Aug-24-11 07:31 AM by raccoon
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