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  • Setting it Straight

    September 27, 2021 by Sheryl J. Moore

    As a third-party neutral product expert, I have a few concerns about this article.

    1. Insurance has a cost and annuities are not intended to be an investment, akin to stocks, bonds, etc.

    2. What is the price that you would pay for a guaranteed paycheck for life? Certainly, the insurance company shouldn’t be expected to accept that risk for free?

    3. What is a “high commission?” Annuities are available on a fee-only basis, and even 10-year commission-paying annuities average a single time commission of 5.69% (and that drops by 50% for older-aged annuitants). That is less than 0.57% annually for ten years, compared to average AUM fees of 1.00% forever?

    4. Variable annuities have COSTS and optional riders have costs. Indexed annuities, fixed annuities, and multi-year guaranteed annuities RARELY have any COSTS. Let’s not paint all annuities with one broad “COST” brush.

    5. How is guaranteed lifetime income on a tax-deferred basis interpreted as a “tax nightmare?” Not sure…

    More misleading and biased that than accurate…sadly. This kind of media makes it hard to educate people about the facts of annuities.

     

    -sjm

     

    See original article via ThinkAdvisor

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