Thread: The Great Annuity Rip-Off

In case anyone is still reading this thread, Gary is using the classic strawman argument technique. This style of debate carries very little worth because the initial position is never addressed (although Im sure its a great rhetorical device to help sell contracts). It tends to follow the following form:

1. Person A has position X. (3% fixed annuity isnt safe investment in 4% inflation.)
2. Person B ignores X and instead presents position Y. (How well does a 25% loss of principal keep up with inflation?)
3. Person B attacks position Y. (If YOU were the investor in S&P 500 indexed fund who lost 25.31% of his money and now only has $74,690 left would you like to trade places with the person who was in the Fixed Indexed Annuity who still has her $100,000 SAFE and sound?)
4. Person B draws a conclusion that X is false/incorrect/flawed. (your inflation argument pointed toward a traditional FIXED annuity which is a SAFE money savings instrument is absurd)

Originally Posted by GarySpicuzza

l



Has anybody besides me noticed how NOBODY has challeged a single annuity contract FACT I've written regarding the different types of annuites?

Actually, both challenged and refuted many times (read the thread here, or Google GarySpicuzza for more forum fun).

I know, now he will challenge and ask for specifics, give another equation and then declare how great annuities are.... and declare again no one has disputed any of his FACTS

Bet he wishes he could have a TSP account... but then he wouldn't need to seek out the uniformed to try to sucker into his annuity scheme...

Originally Posted by SkyPilot

Actually, both challenged and refuted many times (read the thread here, or Google GarySpicuzza for more forum fun).

I know, now he will challenge and ask for specifics, give another equation and then declare how great annuities are.... and declare again no one has disputed any of his FACTS

Bet he wishes he could have a TSP account... but then he wouldn't need to seek out the uniformed to try to sucker into his annuity scheme...

Is he related to any of FRTIB members? Seems like he uses the same logic...

SkyPilot wrote:

... but then he wouldn't need to seek out the uniformed to try to sucker into his annuity scheme...

SkyPilot could you explain to the General Public why Ben Bernake the chairman of the Federal Reserve has the bulk of his cash asset split between two (2) annuities?

One of those annuities is a Traditional FIXED Annuity and the other is a Variable Annuity. Both are valued between $500,000 and $1,000,000. For the mathematically challenged this means he has a minimum of $1,000,000 and a maximum of $2,000,000 of his cash asset invested in annuities.

Click HERE to review Ben Bernanke 2007 Public Financial Disclosure Form.

ChemEng:
You are obviously still hung up on your inflation argument regarding a 3% GUARANTEED rate of growth on a Traditional Fixed Annuity but don't seem to have anything bad to say about the client who got the 7% interest premium bonus up front followed by a 16.54% gain on all funds at the end of his first year for a total gain of 24.71% without subjecting one penny of his money to market risk.

Would someone PLEASE copy and paste something I've written on this thread regarding:

1) a Traditional FIXED annuity;

2) a Fixed Indexed Annuity;

3) a Variable Annuity; or

4) an Immediate Annuity,

that is FACTUALLY INCORRECT?

He's citing Ben as an example of financial acumen???

Now I KNOW he has to be related to FRTIB.

Okay, where was I?

Oh yeah, I remember......on post #73 of this thread I wrote:

Has anybody besides me noticed how NOBODY has challeged a single annuity contract FACT I've written regarding the different types of annuites?

At the risk of losing my *SAFE designation please point out anything I've written on this thread that is factually incorrect regarding annuity contracts.

Best regards,

You must be warning about non-TSP Annuities. There's no such thing as a variable TSP annuity. Our annuity program is very very good. Since this thread is on TSP Annuities, please offer a comparison with what we can get from TSP. Otherwise, I see no reason to go shopping for another Annuity, if I really want an annuity.

Silverbird click www.tsp.gov/features/chapter14.html for information regarding your TSP annuity option.

I can assure you that MetLife is nobody's competition when it comes to private sector annuities. And while $120 billion in assets sounds very impressive it is chump change when compared with the big boyz, (Aviva and Allianz)...who are the worldwide GIANTS in the industry.

Someone will come along and correct me if I'm wrong but the TSP annuity option appears to me that you must annuitized your account.

99% of all annuities are never annuitized.

Nobody would recommend you do that unless there was a compelling reason. Once you "annuitize" an annuity that is an irrevocable option whereby you are systematically liquidating the cash for an income stream and once selected it can never be reversed.

That's not necessarily a bad thing if one is wanting to slow down Medicaid spend down for nursing home qualifications or to provide guaranteed lifetime income for a spouse or disabled child.

But as the linky states:

Once the funds for your annuity have been disbursed, you cannot cancel the annuity, change the annuity option, or change the joint annuitant.

Edit: You have to copy and paste link above to your broswer's address bar.
For some reason it doesn't take you to the exact page.

GarySpicuzza

BANNED

SPAM BANDIT...

Hi
My Father has an anuuity with AIG . Under the circumstances , do you have any advice for him. How safe is his money under an annuity? 200K annuity.