Annuities sound great, right? Who doesn’t want a guaranteed income stream for the rest of their life? Yes, that may sound great, but these insurance contracts actually come with A LOT of warnings. Many people don’t understand them with all the confusing terminology and dozens of pages to go through. It’s no wonder issues arise—who’s going to read between the lines when what they think they see are dollar signs? If you’re thinking about buying one, or even if you already have one, this episode is for you.
We’re diving into a discussion on annuities and covering everything you should know, which includes:
- What an annuity is.
- How they work.
- Why they exist.
- The types of annuities available.
- The pros and cons.
- Special considerations.
- What you should do if you already have one.
Sure, annuities might make sense in your financial landscape and retirement plan. They might even offer you some benefits, but we’re here to make sure you do not just see smoke and mirrors. Our goal is to ensure you keep, grow, and enjoy your wealth. So, download your free copy of the Know Your Possibilities guide below and get to taking notes. We’re sharing stories, insights, and solutions to help you make the most of your retirement.
P.S. Looking to meet with Richard or Angela at our office in Alamo, CA? Want to discuss more of what you heard in this episode? Schedule a free 30-minute session and find the peace of mind you deserve for the rest of your life. You can also reach us by calling 925.736.6410 or sending an email to Info@APlaceOfPossibility.com.
“Just be advised: Annuities right now, a fixed annuity, is probably making one or two percent max. That’s all they can pay because that’s all the interest rates are. So, if they’re going to give you back your one or two percent earned, and then say they will give you back, even more, it’s actually your own money, and they are letting you believe it is income.”
We’re proud to present you with our “Know Your Possibilities Guide,” a tool and free resource for you to take notes, review, keep on hand, or even share with your friends and family. So grab your copy, click the play button, and follow along. You’re just minutes away from discovering your next Place of Possibility.
A Glance at this Episode:
2:40 – Not sure what an annuity is? Start listening here.
3:16 – Richard and Angela discuss how an annuity works and what some of the selling points are.
3:47 – So, what exactly does the taxation on an annuity look like? Team DMG is breaking it down.
4:32 – Terminology in these contracts can be tricky. Join us for a discussion to help clarify.
5:11 – Why exactly is it that annuities exist? Press play to find out more.
5:56 – Listen in here to learn more about the different types of annuity options.
7:02 – Start listening now as Richard and Angela discuss the pros and cons of annuity contracts.
11:54 – This is one of the biggest cons of an annuity and a common mistake that many people make.
14:17 – Richard and Angela discuss the unfavorable tax treatment of annuities and a more innovative way to invest your money.
17:05 – Sounds like annuities have a lot of costs, right? So yes, let’s go through those.
21:17 – Sales practices surrounding annuities have been sketchy at best. Here’s what you need to know.
26:07 – Okay, so maybe you have an annuity contract. Let’s talk about the next steps.
27:59 – Stuck with a lousy annuity? We have a solution. Press play for more on our “terrible annuity rescue plan.:
30:53 – Q&A: How do you know if someone is a fiduciary?
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Links/Resources Mentioned in this Episode:
Calling all neighbors in the Alamo, CA area and beyond! You work hard for your money, and now we want to help make it work for you. At Del Monte Group, we offer out-of-the-box wealth management planning that is clear and actionable at every step. If this sounds like the type of financial support you need, schedule an appointment to meet with Richard or Angela today. Visit APlaceOfPossibility.com/Calendar to get your meeting on the books. Need more help or have another question? Feel free to contact our team by calling 925.736.6410 or sending an email to Info@APlaceOfPossibility.com.