The annuity rush is on.
People are transferring billions of dollars every month into annuities, and for many, the No. 1 reason is safety. Others are attracted to the possibility for more income, more growth and fewer taxes.
What’s not to love?
Some have called annuities nothing more than a tool. Here’s my point of view: Annuities are the foundation of solid wealth accumulation plans, and following some financial storms, the only thing left standing are annuities and life insurance plans — the financial wealth foundation.
See also: A change of tune about annuities
Everyone wants to enjoy a happy and prosperous 2014. However, we have a lot of mixed emotions about the opportunity for prosperity in the new year 2014.
Economist’s warning: Prepare for “massive wealth destruction”
During a guest appearance on Chris Wallace’s FOX News Show, Joe Lieberman said he expects the DOW to soar above 18,000 and the S&P 500 to top 2,000 in the year 2014.
Meanwhile, Marc Faber said well-to-do people may lose up to 50 percent of their total wealth.
Who’s right? The economists who caution us to prepare for massive wealth destruction or Joe Lieberman, who anticipates that Wall Street will soar to all-time record highs?