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Thread: The Great Annuity Rip-Off

  1. #25

    Default Re: The Great Annuity Rip-Off

    ChemEng,

    I understand the sometimes difficulty in communicating via Internet message boards. Since my written words must NOT be acceptable to you, I'll try math.

    In a traditional FIXED annuity, if the insurance company declares 5% to be the interest rate they will pay on the traditional FIXED annuity and if a person paid $100,000 in premium at the end of a one year period the person would have an account value of $105,000.

    There ARE NO fees, there ISN'T ANY expences, there ARE NOT any charges whatsoever. Did I make that clear enough?

    A traditional FIXED annuity pays an absolutely known and FIXED interest rate declared by the company EACH and EVERY contract year.

    A traditional Fixed annuity is NOT a Variable Annuity.

    Ammended Second request:

    ChemEng please post the insurance company and the product name of a FIXED annuity that charges annual/semi- annual/quarterly/monthly/daily fees and expenses against a client cash value.

    BEFORE you waste your time attemping to find something that simply DOES NOT exist you may want to read THIS thread.


    Fixed Annuities Donít Have Fees

    The way a fixed annuity credits interest may best be compared with the way a bank credits certificate of deposit interest. The bank says they will pay 4% interest on the CD. Okay, what are the bankís fees and expenses on this CD? If your answer is you canít tell and it doesnít matter because all you really care about is the final rate you get on your money, the same logic applies to fixed annuities.

    The insurance company doesnít deduct a management fee and share a net return with the customer. Instead, just like the bank, the insurer pays a fixed return, and this may be stated as a fixed rate or as fixed participation in an index.

    Might some banks have lower operating costs or higher revenues than another and thus offer a higher rate? Yes, and an insurer could spend less on office supplies than another insurer and thereby ultimately be able to pay a higher rate on fixed annuities. But I donít know how you translate all of this into fees?

    Do some annuities have fees? Yes. These are called variable annuities and they work a lot like mutual funds.
    Best regards.

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  3. #26

    Default Re: The Great Annuity Rip-Off

    Quote Originally Posted by GarySpicuzza View Post
    I understand the sometimes difficulty in communicating via Internet message boards.
    Let us be perfectly clear--its your double talk that is making this discussion difficult. Nothing more, nothing less.

    A quick google on "fixed annuity cost" showed the following on EdwardJones.com. And surprisingly, they say that there are fees and expenses--some are paid out of pocket and some are paid with a reduced annuity percentage.
    Quote Originally Posted by edwardjones
    Fees and Expenses
    Most fees and expenses of a fixed annuity are factored into the stated annual percentage rate the investor is quoted. The rate quoted is the rate paid. Fixed annuity fees and expenses generally cover the insurance company's administrative expenses, the cost of offering the annuitization guarantee and profits to the insurance company and sales agent. Some fixed annuities may assess an annual contract fee, typically around $30.

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  5. #27

    Default Re: The Great Annuity Rip-Off

    The truth is Mr. Spicuzza has been banned or addressed on any number of forums for exactly the nonsense he is participating in here. As it is clear he is not busy selling annuities, he has sufficient time to rant on this site.

    He has the tenacity of a pyramid marketer selling mangosteen juice...

    For more information just Google "Gary Spicuzza" and all will be made clear.

    His avatar says it all....


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  7. #28

    Default Re: The Great Annuity Rip-Off

    This has been the most entertaining thread in quiet some time. The good news is that while Gary was busy typing away he was not out selling these things to our unsuspecting parents and grandparents. Since there are "NO FEES" he will have to find a new line of work unless he is just doing this out of the goodness of his heart, which I seriously doubt...

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  9. #29

    Default Re: The Great Annuity Rip-Off

    Quote Originally Posted by Jackbnimble View Post
    This has been the most entertaining thread in quiet some time. The good news is that while Gary was busy typing away he was not out selling these things to our unsuspecting parents and grandparents. Since there are "NO FEES" he will have to find a new line of work unless he is just doing this out of the goodness of his heart, which I seriously doubt...
    Its exactly like saying payday loans have no fees because you dont pay them upfront! Insane.

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  11. #30

    Default Re: The Great Annuity Rip-Off

    Quote Originally Posted by Jackbnimble View Post
    This has been the most entertaining thread in quiet some time. The good news is that while Gary was busy typing away he was not out selling these things to our unsuspecting parents and grandparents. Since there are "NO FEES" he will have to find a new line of work unless he is just doing this out of the goodness of his heart, which I seriously doubt...
    Here, here!!!!

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  13. #31

    Thumbs down Re: The Great Annuity Rip-Off

    Googled ! Yuk !

    A sayings come to mind;
    "Don't feed the animals"

    The man has just enough knowledge to be dangerous.

    I will not feed his need for attention, nor visit his thread again.
    Should he come calling, he will be ignored, plain and simple.

    This site is too good for such abuses, here's hoping he breaks a
    rule and opens the door to banishment, couldn't happen soon enough.

    CIAO

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  15. #32

    Default Re: The Great Annuity Rip-Off

    Last edited by SkyPilot; 05-28-2008 at 10:03 AM.

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  17. #33

    Default Re: The Great Annuity Rip-Off

    Quote Originally Posted by Miss Piggy View Post
    Oh you are evil SkyPilot!


    Not the first time that has been said!

    Wow! I just went from TEAM TSP to CLUB TSP... Thanks for having me!!!

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  19. #34

    Default Re: The Great Annuity Rip-Off

    I am curious now if his "safe" fixed annuity is also inflation adjusted. If not it could be really bad news for those he sells to in their 60s...

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  21. #35

    Default Re: The Great Annuity Rip-Off

    Quote Originally Posted by ChemEng View Post
    I am curious now if his "safe" fixed annuity is also inflation adjusted. If not it could be really bad news for those he sells to in their 60s...
    Don't bother with those details... he is probably making home movies of himself wrestling... (Google that ) kinda creepy for a hobby.... Wrestling Highlight Videos
    The "Countryside Wrestling Moves" video, to the right, is a collection of wrestling "techniques" ... Gary Spicuzza - P.O. Box 1960 - Palm Harbor, FL 34682 ...
    www.wrestling-videos.net/ - 2k
    http://www.google.com/search?source=...uzza+wrestling



    Anyway, it is SAFE because he is a *Self Appointed Financial Expert... not because it doesn't figure in the cost of inflation (oops).

    Usually one is "self appointed" because no one else will do it for them... The next step is "self annointed"...

    here it comes...

    wait for it...

    wait for it...

    Last edited by SkyPilot; 05-28-2008 at 10:35 AM.

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  23. #36

    Default Re: The Great Annuity Rip-Off

    Let's not make him mad, lest he put us in a headlock.

    WWE was his first choice but selling "No Fee" Fixed "Not Variable" annuities was #2.

    On that web page it has a link to the Florida High School "Wrastling" forum and the Estate & Fixed Annuities forum. Gary if only you knew that I was looking for those 2 together just last week.

    Ok I am done.


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