What do boomers think about fixed indexed annuities?
By Daniel Williams
Last week, we asked seniors what they thought of fixed indexed annuities (FIAs). Now, we give boomers a chance to give their opinion on this important retirement product. Have they ever owned one? If not, would they purchase a fixed indexed annuity?
Also, if you have an opinion about fixed annuities — whether or not you are advising them to your clients — please comment below.
Have you ever owned a fixed annuity?
No. I do have some life insurance products to guard against my passing so my wife and our kids will be in good shape. The last time I met with my agent we did discuss annuities as an additional safety net and I told him I’d need to think about it further. I’ve been doing additional research on the topic and like what I see. I’m pretty sure I’m ready to add annuities to my portfolio.
I do not own a fixed annuity or really anything like that. I’ve been a bit upside-down the last few years and haven’t had the wherewithal to make an investment like that. I’m in residential real estate and was busy flipping houses when things were hot a while back. I managed to get out without too much damage, but I didn’t get out completely so these last few years I’ve been dealing with multiple mortgages and even a foreclosure. I’ll say this though, the market is finally beginning to see positive signs. I continue to work as an agent although I’ve learned my lesson about flipping. There is good strength in the market with a lot of pent-up demand.
Yes. I do own annuities. I am somewhat biased. A family member of mine is in the insurance business and has done really, really well over the last 20 or so years. I’m in the tech industry and when I finally began making some money he helped me get it well distributed. Many of my colleagues took a bath during the dot-com bust. I took a hit, sure, but I didn’t get cleaned out. I had my money diversified and a nice portion of that was in annuities. Now that I’m retired I have continued to put more and more of my overall assets into annuities. I’m a believer.
San Francisco, Calif.
Yes. I have an annuity to go along with a long-term care policy and other assets, including stock, bonds and property. I have worked at a bank for 30 years now. One of my college professors always pounded into our heads to be diversified. I took him at his word and have never kept too much of my money in any one place. I don’t know if there are any sure things any more, however, annuities and other insurance products are about as close as you can get these days.
Originally published on LifeHealthPro.com