Annuities

[AscRaeNJ]

What is the name of your state?What is the name of your state? New Jersey

My wife and I will be retiring in approximately 2 years, and we will be moving to Florida. We have just purchased a Home there. I would like to have some income other than 401 amd IRA's.
My wife and I are considering buying an Annuity, one for her and one for me.
I am 59 1/2 and my wife is 56, I have read much about them on the Web.
My question is, assuming we purchase a $100,00.00 Annuity each, after the period of maturity say 10 year Annuity, will we get our initial investment back?

Are Annuites safe and are they prudent?

 

[SecuritiesFraud]

Stay away from annuities

Be wary of investing in an annuity unless you truly understand all the bells and whistles the go along with the product. There are so many different types that it is hard to make any generalizations, but most of them tie up your money for 7 years whereby if you need it during that time period, it is going to cost you.

Salespeople love to sell annuities because they pay the highest commission (anywhere from 4% - 15%). As a result, there is over $1 trillion of US assets invested in annuities.

Consider talking to a financial planner or an investment advisor that gets paid only when you make money and not off commissions from the investment product suppliers. There might be a number of other routes you could take that can protect your money and grow it better than an annuity can.

 

[wanabath]

To have the participation of the upside of the market and not have to participate on the downside of the market, sounds like a great plan.