There is a 3rd way: inflation. You can inflate out of your debt and contract price.
stock market
- Thread starter Oildudeny
- Start date
Yeah, the rest of the world knows that trick too. They did that in the 80's last time.
Maybe they have a ‘Chat Box’ type of online support with a human ?
Or physically go to bank and talk to manager.
70’s. Stagflation.
Wife and I both retired 6 years ago 2014, and do are no longer elgible for IRA 401k or other tax advantaged accounts, so we put $1200 monthly into Vanguard Balanced fund VBIAX it is 60% stocks and 40% bonds. Have had it for well over a decade and it does good enough for us in about the 7% to12 % range . Simple enough and cheap enough with 0.07% WE put $ in and leave it in.
... or at night around 6:30 pm. I have been on hold with them recently working on my wife's pension rollover,
one time I got a local guy that worked in an office building near the old A-B brewery in Merrimack, NH.
I have had not much luck with Fidelity Customer Service on the Phone; Hit or miss getting results - which is shameful.
sometimes you have to switch OFF an account fraud protection option at your bank to allow transfers out of certain accounts.
I try to set up a new account online completely. Have had better luck that way.
Roth? Trad ? That's about all you can set up for an IRA on your own with an ACH PULL (not push) out of a post-tax savings acct.
excluding catch-ups
-Ken
I was not happy with Fidelity. They sold me an annunity which did not make sense for my particular case.
My rep made a nice commission, I'm sure.
I moved everything to Schwab and am 100% satisfied.
That's my experience.
NO financial advisor ever did me any good tried three of them buggers. Now, the Fidelity / Netbenefits dashboard works well for those who manage their own 401K and other IRA an brokerage accts. I would never switch out from their platform.
Did two big variable annuities through AIG for a goodly % of my Mother' inheritance/savings around 2002 for here, and that worked out well. Key was preservation of capital with some income. They were earning 6% then. that was AIG. The annuity just by coincidence offered Protection form the 2008 bust. Know that annuities can now be used in certain forms to shelter from Federal long term care money grabs. They are not inherently "bad". But I got really queasy and jittery with AIG wobbling at that time and moved to multiple 1 year bank CD's. so I could rotate out the earned interest.
Today I haven't looked at what Annuities are offering. I even met with a Edward Jones rep to discuss this a couple years ago,
and he wouldn't touch the subject - which i though was odd. I would imagine the are not paying much then, and the money ( principal) is locked for typ. ~7 years.
Future? I expect a correction. What are you going to do? Cash? Tax shelterd Local Munis? Bonds? Many of the options don't look good.
Preservation may be the only way. Or since realestate in short supply, maybe get creative and buy that old farmers land the kids now own. and they cant keep up with the big prop tax bills and appear a bit desperate.
"Subdivide son! Its they way of the Future!" But move fast while there is money left to spend.
Alternatively anyone interested in a palladium mine?
I even like the feel of it in my cat and my microchips.jk.
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Totally agree annunities are not all bad. Schwab reviewed the annunity Fidelity sold me and told me it was "not a bad annunity".
Having said that, based on my portfolio, there is no need for one of this size. That's my problem.
An annuity is beneficial for those who need regular payments to help cover their expenses in retirement. That's not me.
I believe my Fidelity rep sold me the annunity product to make a fat commission.
Bottom line? It was my money and I should have known better. "Blame yourself!"
Yeah, the trick is to recognize a salesman regardless of what he is called. Advisor, broker, Account Executive, whatever. Still a salesman. The trick is to never let a salesman sell you something. Assist you in buying something you have independently decided to buy, yes. Sell you, no.
It took my Fidelity Account Executive suggesting an annuity for me to recognize what he was. I suspect 99.9% of the annuities sold are not in the interest of the buyer.
Commission is not the biggest concern. You still have to pay some sort of fees regardless of a salary or commission for the guy.
The bigger problem I see is they typically package risky products with some sort of guarantee, but not a complete guarantee, and then tell you it is safe. As we learn from 08, you are not safe when they do that kind of complex financial engineering and they are not the same as simple obvious products with no CDS or MBS or hedges.
Get simple stuff and take care of your own living expenses, in 2 separate way, don't bundle them together and buy annuity.
The # bandied about is 10%.
So 10K on 100K contract.
The thing to really consider is: what does the annuity do for you?
Just dumb luck annuities worked EXTREMELY well for my mother with an approaching "Market Apocalypse".
If I was comfortable with AIG making it ( and they did) I would have left it.
I though Fidelity advisors acted as a Fiduciary. Maybe not 15 year ago.
I don't know the commission value. My point is (aka my mistake) is that I don't need an annunity.
I believe Fidelity knew that or should have known that. They did not act in my best interest.
As @ARCOgraphite says, "The thing to really consider is: what does the annuity do for you?"
Schwab reviewed this particular annunity and deemed it "not a bad annunity".
After some consideration, I moved everything over to Schwab and have been very happy.
Moral of the story? Blame yourself! And I do.
I believe Fidelity knew that or should have known that. They did not act in my best interest.
As @ARCOgraphite says, "The thing to really consider is: what does the annuity do for you?"
Schwab reviewed this particular annunity and deemed it "not a bad annunity".
After some consideration, I moved everything over to Schwab and have been very happy.
Moral of the story? Blame yourself! And I do.
