Last week, we asked seniors what they thought of fixed indexed annuities (FIAs). Now, we give boomers a chance to give their opinion on this important retirement product. Have they ever owned one? If not, would they purchase a fixed indexed annuity.
Have you ever owned a fixed annuity?
No. I do have some life insurance products to guard against my passing so my wife and our kids will be in good shape. The last time I met with my agent we did discuss annuities as an additional safety net and I told him I’d need to think about it further. I’ve been doing additional research on the topic and like what I see. I’m pretty sure I’m ready to add annuities to my portfolio.
I do not own a fixed annuity or really anything like that. I’ve been a bit upside-down the last few years and haven’t had the wherewithal to make an investment like that. I’m in residential real estate and was busy flipping houses when things were hot a while back. I managed to get out without too much damage, but I didn’t get out completely so these last few years I’ve been dealing with multiple mortgages and even a foreclosure. I’ll say this though, the market is finally beginning to see positive signs. I continue to work as an agent although I’ve learned my lesson about flipping. There is good strength in the market with a lot of pent-up demand.
Yes. I do own annuities. I am somewhat biased. A family member of mine is in the insurance business and has done really, really well over the last 20 or so years. I’m in the tech industry and when I finally began making some money he helped me get it well distributed. Many of my colleagues took a bath during the dot-com bust. I took a hit, sure, but I didn’t get cleaned out. I had my money diversified and a nice portion of that was in annuities. Now that I’m retired I have continued to put more and more of my overall assets into annuities. I’m a believer.
Yes. I have an annuity to go along with a long-term care policy and other assets, including stock, bonds and property. I have worked at a bank for 30 years now. One of my college professors always pounded into our heads to be diversified. I took him at his word and have never kept too much of my money in any one place. I don’t know if there are any sure things any more, however, annuities and other insurance products are about as close as you can get these days.
For more from Daniel Williams, see: