Recently, a life insurance agent wrote me about my railings against the SECURE Act now allowing annuities in 401(k) plans. He politely—and accurately—noted my “unfavorable opinion towards annuities (and by extension insurance sales reps).” He suggested, however that my attacks on annuities may be too broad. After reading his email, I agreed.
Tag Archives | annuities
Several weeks ago I wrote about the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which will reform various aspects of US retirement laws. The Act was passed by the House in May and is currently stalled in the Senate. One of the most troubling of the SECURE Act’s 29 provisions is that it […]
My first at bat in Little League baseball didn’t go well. I was hit in the head with an errant pitch. Every at bat thereafter, I would close my eyes and flinch when the ball came whizzing by. Needless to say, my baseball career was short-lived. Today, I have a similar internal flinch whenever I […]
A reader recently forwarded me an email that began, “Who died before they collected Social Security?” It asked how many people only collected a small portion of what they paid into Social Security because they, or a spouse, died soon after retiring. Then it screamed in all caps, “Where Did That Money Go?” The rest […]
Annuities are popular investments; almost every new client I see has one. When I ask why someone purchased an annuity, the most common responses are: “We didn’t have to pay any fees or commissions.” “There are no ongoing expenses.” “All my money is working for me.” “The principal is guaranteed.” Any time you read or […]