Mar 29, 2023
In this episode, The Annuity Man discussed:
Smart people fall for schemes too
Don’t trust the pitch
Buy an annuity for what it will do
Annuities are great products
People that are smart fall for Ponzi schemes. Be wary of “secret” products that nobody or not many people know about. If you are shown backtested return numbers, that’s garbage. Those returns are not going to happen.
Some of the annuity products pitched out there allow the annuity company to change the rules on how gains are calculated, and they can change those rules at their discretion.
Buy an annuity for what it will do, not what it might do. If you buy the dream, you’ll own the contractual reality. When you realize what happened, it might already be too late to take it back.
Annuities are great products, and they solve for many different things. Some solve for lifetime income, some for principal protection, and some for legacy or long-term care. They solve for specific goals contractually.
"If it sounds too good to be true, it is every single time." — Stan The Annuity Man.
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