Best of Talking Money: Questions to Ask the Annuity Salesman : Talking Money Podcast

Show aired on July 17th, 2021

Highlights from show aired March 27, 2021

There are many things to consider when looking at all the options for retirement. Many annuity salespeople make glittering promises, but are the products really all they say?

Some questions you should ask before signing up:
• What happens if you withdraw before you turn 59.5? Are there surrender charges? Taxes?
• What is the step up in basis?
• How did you find this annuity? Why did you pick it?
• How many others have you researched? How do they compare?
• What are the restrictions—especially if there is an upfront bonus?
• What is the actual performance history (not back tested with current index) net of fees?

Some other tips when looking at annuities:
• Compare the annuity to the bond market, not just the stock market.
• Ask for a detailed explanation of the return numbers and earnings numbers they are presenting.
• Look up the insurance company at different regulators to make sure it is a strong company.
• Remember to diversify: don’t put all your retirement funds in one annuity.
• Consider staggering your contributions so that you have different maturity dates.

If you have any other questions or need more clarification, please use the contact form below or call 1-800-588-7526.

Also, check our annuities resources on our resources page!

Though Mike Miller is an employee of Ronald Blue Trust, Talking Money^® represents his individual views, and not those of his employer or any other sponsor of the program. During the program, Mike may discuss market trends as well as specific financial planning techniques and investment ideas. These discussions are for general information only and are not intended to provide specific advice or recommendations to any individual or organization. Work with your attorney, or accounting, or investment professional for specific individual advice and services. Any securities or investment products discussed on Talking Money® are not insured by the FDIC, are not a deposit or other obligation of or guaranteed by any bank, and are subject to investment risk, including possible loss of principal amount invested. Some shows contain time sensitive material that should not be relied upon without verifying.

Best of Talking Money: Questions to Ask the Annuity Salesman

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