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Posted by Todd on September 04, 2003 at 22:55:46:

In Reply to: Guranteed Income Annuuity??? posted by Dave on September 03, 2003 at 08:41:54:

: I'm 40 and have $300K in traditional IRAs. Will retire at age 56 with decent pension/investments at around $75K in todays dollars. This is totally separate of the $300K IRAs.
: My financial advisor is urging me to put the $300K in Pacific Lifes' Guranteed Income Advantage(Annuity). It doesn't look,to me anyway, like I need this Annuity plan. Am I missing something??? Confused and need help! Thanks.

Dave, obviously you have to take any advice you receive via the internet with a grain of salt. If you have doubts about your current advisor, it is probably better to contact a different advisor in your area, preferably someone from a different company w/ a different type of fee schedule (i.e. fee only as compared to a commission only agent).

In order to answer your question of whether an annuity is right for you, it's important to find out (a) what other retirment vehicles you have, (b) what your goals are, (c) if you believe you'll need potential access to this money any time in the near future, (d) your risk tolerance, etc. Annuities CAN be good retirement vehicles if it fits the consumer's needs. More times than not howeover, an annuity is nothing more than a bigger commission check for the agent. That being said, I again state for the record that there are situations, in which, a fixed, indexed, or variable annuity is suitable for the consumer. I can't say that I'm aware of this specific annuity, "Guaranteed Income Advantage," so perhaps you can tell me whether it is a fixed, indexed, or variable annuity?

In the end, it's probably a good idea not to put all your eggs in one basket. Depending upon your situation and the type of annuity we're talking about, it might be a good idea to put no more than say about 30% of your overall retirement accounts' value into one type of annuity. That's the guideline I use with my clients. And for the record, if your advisor hasn't told you this already, then shame, shame on him/her...an IRA Annuity is the same thing as a regular IRA (all the tax beneifits are the same), but you'll have the advantages and disadvantages (such as additional fees) of the annuity.

THIS POST WAS PROVIDED AS INFORMATIONAL ONLY!

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Subject: Re: Re: Guranteed Income Annuuity???

Comments:
: : I'm 40 and have $300K in traditional IRAs. Will retire at age 56 with decent pension/investments at around $75K in todays dollars. This is totally separate of the $300K IRAs. : : My financial advisor is urging me to put the $300K in Pacific Lifes' Guranteed Income Advantage(Annuity). It doesn't look,to me anyway, like I need this Annuity plan. Am I missing something??? Confused and need help! Thanks. : Dave, obviously you have to take any advice you receive via the internet with a grain of salt. If you have doubts about your current advisor, it is probably better to contact a different advisor in your area, preferably someone from a different company w/ a different type of fee schedule (i.e. fee only as compared to a commission only agent). : In order to answer your question of whether an annuity is right for you, it's important to find out (a) what other retirment vehicles you have, (b) what your goals are, (c) if you believe you'll need potential access to this money any time in the near future, (d) your risk tolerance, etc. Annuities CAN be good retirement vehicles if it fits the consumer's needs. More times than not howeover, an annuity is nothing more than a bigger commission check for the agent. That being said, I again state for the record that there are situations, in which, a fixed, indexed, or variable annuity is suitable for the consumer. I can't say that I'm aware of this specific annuity, "Guaranteed Income Advantage," so perhaps you can tell me whether it is a fixed, indexed, or variable annuity? : In the end, it's probably a good idea not to put all your eggs in one basket. Depending upon your situation and the type of annuity we're talking about, it might be a good idea to put no more than say about 30% of your overall retirement accounts' value into one type of annuity. That's the guideline I use with my clients. And for the record, if your advisor hasn't told you this already, then shame, shame on him/her...an IRA Annuity is the same thing as a regular IRA (all the tax beneifits are the same), but you'll have the advantages and disadvantages (such as additional fees) of the annuity. : THIS POST WAS PROVIDED AS INFORMATIONAL ONLY!

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