Posted by: Tranquility September 29, 2011
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well i wanna shed some more light to what arbiter said.
Annuity - generally, are used to two type of people, for mostly specifically 2 types of need. 1 ) asset preservation, what that means is IRS has a law that even if you are sued or bankrupt, or whatever happnes, legally no one can touch the money in your annuity .
2) if you ahve a fix amount, and thats all you have, and you are old and you dont wanna take risk, and you want a annuity, mostly fixed annuity. example you have a 200k, and you open an annuity, you get prolly, 2000 a month till you life. and its gone. if u want join annuity, with your wife, then you might get 1500 till you live, and after you die, your wife gets 500 a month till she lives. pretty much i think its a shitty tool at our age. later in life, it might be usefull, but def not right now, def not till you have some hard cash. now one might say, if i have 1 mil, or 2 mil, then id get 10k-20k, a month, which is good income, then ur a fool, u can get much more return with that kinda money using it in somewhere else rahter than annuity.
Pension - Goodluck with that :) unless you work for govt, no one has pension these days :) the ones those did, are cutting it off, or already have.
401k - great tool. invest fully, to the cap.
SS - like rick perry always says, ss is a scam, and it really is. if you die, ur spouse gets 800 as a death benefit. your retiretment income from ss, as of now, is 1200 avg. ya try living in that after 30 yrs.
ROTH IRA - Best for young working adults. THATS THE WAY TO GO, TO START.
btw as a rule of thumb, ur insurance policy should be 10 * your annual salary. keep in mind, insufficient coverage is as good as no coverage.
and if you feel lucky, as your name states, play lottery lol :) goodluck. hey all u gotta do is get 6 numbes :P
Annuity - generally, are used to two type of people, for mostly specifically 2 types of need. 1 ) asset preservation, what that means is IRS has a law that even if you are sued or bankrupt, or whatever happnes, legally no one can touch the money in your annuity .
2) if you ahve a fix amount, and thats all you have, and you are old and you dont wanna take risk, and you want a annuity, mostly fixed annuity. example you have a 200k, and you open an annuity, you get prolly, 2000 a month till you life. and its gone. if u want join annuity, with your wife, then you might get 1500 till you live, and after you die, your wife gets 500 a month till she lives. pretty much i think its a shitty tool at our age. later in life, it might be usefull, but def not right now, def not till you have some hard cash. now one might say, if i have 1 mil, or 2 mil, then id get 10k-20k, a month, which is good income, then ur a fool, u can get much more return with that kinda money using it in somewhere else rahter than annuity.
Pension - Goodluck with that :) unless you work for govt, no one has pension these days :) the ones those did, are cutting it off, or already have.
401k - great tool. invest fully, to the cap.
SS - like rick perry always says, ss is a scam, and it really is. if you die, ur spouse gets 800 as a death benefit. your retiretment income from ss, as of now, is 1200 avg. ya try living in that after 30 yrs.
ROTH IRA - Best for young working adults. THATS THE WAY TO GO, TO START.
btw as a rule of thumb, ur insurance policy should be 10 * your annual salary. keep in mind, insufficient coverage is as good as no coverage.
and if you feel lucky, as your name states, play lottery lol :) goodluck. hey all u gotta do is get 6 numbes :P