riverratba
New Poster
Cash: $ 0.70
Posts: 2
Joined: 11 Apr 2006
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| 401K rollover |
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i just changed jobs and the new employer does not offer a 401k plan,i have around 300,000 in a 401k from the previous job, i'm 55 yo and would like to retire at 62, i've talked to some financial advisers and they are recommending i put it in a varible annuity. i would like to get the best return possible with the least amount of risk, i know i will have to take a certain amount of risk to make any money. any good advice?
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Tue Apr 11, 2006 12:33 pm |
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mbd
Member
Cash: $ 4.60
Posts: 23
Joined: 31 Mar 2006
Location: Rogers, AR
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Tim is right. Annuities only make sense if you're selling them  . Planners push them because they get their entire commission up front, which also comes out of your return.
Figure out how much you'll need for retirement. Search the web for "retirement tools" and you'll find help with this. Your 401(k) web site may also have these resources. You may not need to take as much risk as you think to reach your goal of retiring at 62. But in any event, it's important to know where you stand before making any big decisions.
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Tue Apr 11, 2006 6:39 pm |
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demsco
First Time Poster
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Joined: 12 Apr 2006
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| Not true annuities do make sense |
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You cannot make a blanket statement that variable annuities are bad. there are some bad ones out there. The fact is fee-based planners cost more than variable annuities do, period. Variable annuities sales people make less, even with a bigger upfront commission than a fee-based planner. With living benefits that guarantee income in the future, without annuitization, it makes more sense to look at variable annuities. They are not right for everyone, but man they sure are not just to shield your investment from income taxes now a days. Here's a variable annuity resource that I have found www.annuityiq.com.
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Wed Apr 12, 2006 4:41 pm |
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mbd
Member
Cash: $ 4.60
Posts: 23
Joined: 31 Mar 2006
Location: Rogers, AR
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Point taken. I certainly did make a blanket statement, and mainly because I've heard it from smart people I respect that didn't have an adverse agenda. But I'm open minded, I'll check out your site. If I still think I'm right, I'll try to articulate my argument better.
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Wed Apr 12, 2006 5:53 pm |
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riverratba
New Poster
Cash: $ 0.70
Posts: 2
Joined: 11 Apr 2006
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| 401k rollover |
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thanks everybody this is the kind of discussion i need,this is a big decision for me and i need all the input i can get i want to do this right and try to make the least mistakes i can i took a big fall a few years back like a lot of people and i don't have time to overcome another lick like that again,once again thanks for all the input
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Wed Apr 12, 2006 9:26 pm |
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