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Annuities: Then And Today By Phillip Roy Financial Consultants
1. Annuities: Then And Today By Phillip Roy Financial
Consultants
Throughout the dark ages, men and women wrote their finances on pieces of natural stone or
parchment. Financial coaches speaking of the "good old days" aren't talking about the dark ages,
however. Not 365 days ago, annuities had a whole lot more robust payouts and advantages. As an
example, a genius manager helped a 45-year-old investor to get a fixed index annuity along with a
guaranteed yearly interest appreciation of 9.6% for thirty years without any risk to the initial
investment.
Especially with anybody that old, right now he would be hard pressed to find a singular index
annuity that had a yearly income guarantee. You'll be challenged to locate anything around that this
season, however. Generating revenue by way of annuities is a totally different playing field. It is
possible to some good products on the market, but it is difficult to get the crème de la crème.
There are four primary types of annuities.
Allow Me To Share The 4 Different Types, As Mentioned By Phillip Roy Financial Services :
Variable: The starting investment appreciates depending on the overall performance of a basic
mixture of bonds and stocks.
Fixed rate: The initial down payment climbs with a fixed rate.
Immediate: Converts an initial down payment into timely repayments down the road.
Deferred: Involves an upfront investment, with additional payments at some point.
Phil Wasserman says one attractive feature of annuities is that, as with IRA's, balances grow tax-
deferred right up until withdrawals begin.
Even more important nowadays, annuities help take away investors' main concern: losing their
savings and running out of cash in their retirement years. Withdrawals from variable annuities can
start when you turn 60 (officially, 59.5) years of age, a lot like IRAs. But there the likeness ends.
2. The majority of annuities are complicated for
the typical person - in reality, a lot of them can
go many hundreds of pages, with features (and
constraints) throughout. These lengthy
documents all have different key points, and
with so many of them, it's a challenging job to
compare and contrast them.
While you can still find lots of companies
providing annuities, a handful, including
Hartford Financial, Genworth Financial, and
Phillip Wasserman have chosen to safely move
away from them because of the lousy economic
climate. Most of the left over companies have
cut back added benefits substantially on fresh long term contracts. For investors, however, all is not
lost. Maybe some types of annuities aren't workable anymore, but there are lots of other sources for
great, risk-free investments.
The Best Five Annuity Types
Fixed index: this is where an insurer makes fixed dollar repayments through the entire contract,
typically right until death.
Fixed deferred: the same as deferred variable, other than the interest levels are usually the same all
the way through.
Longevity insurance: this is ideal for retired people concerned about outliving their personal savings.
Retirees around the age of 60 can purchase longevity insurance and start to spend the funds in 20 to
30 years.
Immediate: the buyer spends a large amount of money, and a fixed salary is paid out right up until
death.
Deferred variable: quite simply, in this type of annuity, you first pay for installments into the annuity,
and then in the future get them as monthly installments or a lump sum. Interest levels change
according to different factors.