At what time is an annuity a good idea for investing for retirement?
Annuity????
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Sal
March 12, 2010 at 9:41 am
Probably never. They are very expensive, restrict your investment options and your ability to make early withdrawals.
Max out your 401K and/or IRA’s. Invest in low cost mutual funds with good track records. I think you will find yourself better off than if you bought an annuity.
Showbizzz
March 12, 2010 at 10:08 am
If you have a hard-on for making absolutely sure you have guaranteed income for the rest of your life, an annuity makes sense.
but, it will be ridiculously expensive and restrcitive so, like anything, for a certain outcome, you will pay dearly in significantly reduced benefits and obscenely high administration expenses.
I’d steer clear of annuities and fire any borker who is trying to hawk this product.
jebediabartlett
March 12, 2010 at 10:56 am
Is it getting cold in hell, yet?
Well, when it gets below freezing…buy that annuity.