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If I had a dollar for everyone who told me that, I’d be writing this on the beach in Jamaica instead of in my office looking out at the foot of freshly fallen snow. We all know the reasons why consumers don’t buy annuities; you have to give up control of your money, if you die before you spend it the insurance company keeps your money, there are too many hidden fees, the brokers who sell them can’t be trusted and on and on. Fortunately,...
View ArticleDo you have children or grandchildren that aren’t really good with money? You know the type, the ones who as kids, had their allowance spent before it was even in their pocket and now they have $20,000 in credit card debt and spend money even faster than a drunken sailor. Or maybe you have a child or grandchild who is struggling with drugs or gambling and a big lump sum of money would only make things worse. Or maybe you don’t really like your daughter’s...
View ArticleQuestion: Every time I try to do some internet research on annuities, I am inundated by a ton of annuity pop up ads. Are these good resources? What’s the catch? Some of the returns and video claims seem too good to be true. from Kevin in Alva, Oklahoma Answer: This is a great question, and what you have discovered is that there is absolutely no oversight or enforcement on what is said, advertised, or promised concerning annuities. It’s the wild wild-west out there. This is...
View ArticleAs you near retirement, your nest egg is even more sensitive to market volatility and potential loss of your hard earned savings. In fact, the US Federal Reserve released figures showing that the median US household net worth dropped 39% between 2007 and 2010, reducing 18 years of prior gains. If you were already retired and taking income from your nest egg, the devastation was even worse if you were exposed to the ever-changing stock-market. Many 401(k)s and other retirement plans offer fund options that...
View ArticleOf all the features of a Fixed Index Annuity (FIA), arguably the one with the greatest value is the annual reset. What this means is that every year on the anniversary of the policy, any gains in the market (based on the strategy which you have chosen and an index such as the S&P 500) will be credited to your policy and then ‘locked in’. So if the market goes down in the next year, not only will you not go down (you will stay...
View ArticleOffering long term benefits that ensure you have a steady flow of income, indexed annuity products can be the difference, for some, between a relaxing and a stressful life. With a multitude of indexed annuity products available today, we understand that it can be difficult making the right choice. With plenty of numbers, calculations and clauses, selecting a product is rarely a simple task. However, we hope to make it simpler by offering a breakdown of the top 10 factors existent in almost any indexed...
View ArticleI have had hundreds of conversations with women regarding their money. Each has their own story, their own goals and vision for their future. I’ve met with a variety of different women; single women in their early 20’s just beginning to accumulate their wealth, divorcees who are trying to make sense of what just happened and what it now means for them, and widows who are overwhelmed not only with loss, but also with their new role as the captain of their financial ship. When...
View ArticleOne of the things I find in this turmoil of financial confusion these days, is that very few people have any idea of how much money they will have to live off of when retiring or thinking of retiring. If you have a good old fashion pension plan, your annual statement will give you an idea of where you are at or should be in a set amount of years. Even though the amount is not set in stone on returns for the most part,...
View ArticleI just returned from a holiday trip ‘up north’ to visit my parents and mother-in-law….. Stop me if you have heard this story before…there are two sets of parents, my parents and my in-laws. My parents, both in their 80s, are cared for in a well-run retirement community and lead a very active lifestyle. This is despite the fact that my father continues to fight a two and a half decade old battle with a dread disease (leukemia). They travel together, volunteer and participate in...
View ArticleYou know you’re getting old when you are telling your children how much things used to cost. When I was a boy, my father used to moan when gas prices hit $0.30 a gallon. We sold our boat when gas prices skyrocketed to $0.40 a gallon. In 1980, a Porsche 911 cost $32,000. Today, the similar Porsche runs $151,000, which is a 371% increase! At that rate, in another 25 years, that same car will run $600,000. Various driving conditions call for different tools, and...
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