The clock is ticking towards Tax Day, April 18. Here are some timely tips for tax form procrastinators.
For further research:
- Terrysavage.com, Tax Time
- Nextavenue.org, 11 Last-Minute Tax Tips for 2022 Returns
The reputation of annuities as “guaranteed” income-generators for retirees has been shredded by countless horror stories of hidden fees, sky-high commissions and dishonest sales practices. We hear one such story from Lucian, a 37-year old investor who fell for a salesperson’s promises of “lifetime payments” and “money-doubling potential” and sank $400,000 of his life savings into a high-cost, low-return equity-indexed annuity. Fee-only fiduciary advisor Eric Lau, who is trying to help Lucian cancel his contract, advises that anyone considering purchasing any annuity should have an attorney review any contract and/or consult with an objective investment professional to discuss other retirement-income options.
The clock is ticking towards Tax Day, April 18. Here are some timely tips for tax form procrastinators.
For further research:
Mention the word “annuity” and most investors recoil. There seem to be so many hidden secrets and costs. And high pressure sales tactics along with "free dinners."
In today’s podcast we unravel those mysteries – with the one man who has consistently worked to educate the public to the ins and outs of annuities – as well as some of the better uses of these insurance company contracts. Stan Haithcock’s website – www.StantheAnnuityMan.com -- is a great resource for free basic information and good advice on annuities. And Stan is one of the most entertaining financial speakers you’ll ever meet.
So, sit back and enjoy our podcast. We devote special attention to Multi-Year Guaranteed Annuities (MYGAs), now yielding over 5.5%. They’re the insurance industry’s version of a bank CD, without the FDIC backing. And they are a great way to improve yields either inside or outside your IRA.
To read more about MYGAs, here’s a link to Terry’s column on the subject: https://www.terrysavage.com/an-annuity-that-works-for-you-myga
And if you’d like to listen to more of Stan’s terrific approach to financial markets, both Terry and Pam have recently joined him on HIS podcast. You’ll find the links to these conversations here:
Terry Savage: The Savage Financial Truth in 2023
https://www.stantheannuityman.com/fwa-terry-savage-january-2023
Pam Krueger: Your Wealthramp to Fiduciary Advice
https://www.stantheannuityman.com/fwa-pam-krueger-february-2023
