Reply to Should my mom buy an annuity?

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[quote=Anonymous]Run a thousand miles from this broker, at top speed. Ten thousand miles if you can. The only one getting any kind of bonus here is the scum selling the product.

SPIAs, which are imediate annuities are useful for people with no dependants in fear of outliving their money Any other kind of annuity is only good for the sort of insurance agent who drums up business by luring elderly people with free food.

With a million dollars your mom could put it all in Vanguard Wellesley admiral shares and collect $8k a quarter just by harvesting dividends- her capital wouldn't have to be touched! Here's a retirement calculator showing what she would end up with after 25 years of investing in a Wellesley type fund with an inflation adjusted $30k a year withdrawal rate.

[url=http://www.firecalc.com/index.php?wdamt=30000&PortValue=1000000&term=25&callprocess2=Submit&ss1=0&ssy1=2026&ss2=0&ssy2=2028&signwd1=%2B&chwd1=0&chyr1=2016&wd1infl=adj&signwd2=%2B&chwd2=0&chyr2=2018&wd2infl=adj&signwd3=%2B&chwd3=0&chyr3=2022&wd3infl=adj&holdyears=2013&preadd=0&inflpick=4&override_inflation_rate=3.0&SpendingModel=constant&age=48&pctlastyear=0&infltype=PPI&fixedinc=Commercial+Paper&user_bonds=4.0&InvExp=0.18&monte=history&StartYr=1871&fixedchoice=LongInterest&pctEquity=40&mix1=10&mix2=10&mix3=10&mix4=40&mix5=40&mix6=10&mix7=15&mix8=5&user_growth=10&user_inflation=3.0&monte_growth=10&monte_sd=10&monte_inflation=3.00&signlump1=%2B&cashin1=0&cashyr1=2016&signlump2=%2B&cashin2=0&cashyr2=2026&signlump3=%2B&cashin3=0&cashyr3=2031&process=survival&showyear=1960&delay=10&goal=95&portfloor=0&FIRECalcVersion=3.0&]Click here to stop your mom getting scammed by a scumbag annuity salesman[/url]

Go about halfway down the page and hit the "submit" button under where it says "Start Here". I already set up the parameters for you. Invested and withdrawing in such a way, your Mother has zero chance of running out cash before the age of 94, and at age 94 will be left with anywhere between $500,000 and $4 million  :shock:  with the average coming out to a million and a half.

Arrange a meeting to show her and her CPA these numbers. I know from experience parents are often more willing to listen to "professionals" than their kids, so hopefully having the CPA there will counter SCUMBAG BROKER in her mind.[/quote]

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