U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 01-01-2016, 04:25 PM
 
2,952 posts, read 1,647,191 times
Reputation: 5292

Advertisements

The annuity we have is from Forethought, it is a division of Mutual of Omaha.

Ask your retail fin planner, if he'll sell. Guaranteed he'll say no, he never heard of it, or he'll say its bad news. He only makes 1%. He wants to sell you something that he makes 6 to 8 % of. Since these are only sold by RIA. Investment advisors who have by law have to act in your best interest not their's.

We are making 6% per year, tax free. Where else are you going to get that with no risk? And we got a $50,000 bonus.
Reply With Quote Quick reply to this message

 
Old 01-01-2016, 04:31 PM
 
2,952 posts, read 1,647,191 times
Reputation: 5292
mathjak - I have tried many times to rate your posts thumbs up and it tells me I need to vote others first before I can rate you again.
Your posts show you know what you are talking about and a pleasure to read.
Reply With Quote Quick reply to this message
 
Old 01-01-2016, 04:39 PM
 
1,076 posts, read 1,120,761 times
Reputation: 1421
Quote:
Originally Posted by foundapeanut View Post
The annuity we have is from Forethought, it is a division of Mutual of Omaha.

Ask your retail fin planner, if he'll sell. Guaranteed he'll say no, he never heard of it, or he'll say its bad news. He only makes 1%. He wants to sell you something that he makes 6 to 8 % of. Since these are only sold by RIA. Investment advisors who have by law have to act in your best interest not their's.

We are making 6% per year, tax free. Where else are you going to get that with no risk? And we got a $50,000 bonus.
Waiting to claim social security until age 66-70 will get you that return risk free for life.
Reply With Quote Quick reply to this message
 
Old 01-01-2016, 04:39 PM
 
2,952 posts, read 1,647,191 times
Reputation: 5292
Quote:
Originally Posted by mathjak107 View Post
I could only find a few cases where annuity owners ended up with less than their insurer promised.

One resulted from the 1983 bankruptcy of Baldwin-United, which involved a takeover by MetLife and a court-ordered reduction in benefits.

Another involved the 1991 failure of Executive Life, which continued to pay annuity benefits in state-managed rehabilitation mode until this year, when balance sheet deterioration led to liquidation. Going forward, owners of Executive Life annuities that exceed state guaranty caps will suffer losses.

but that is about it . you stood a better chance getting hit by lightning then losing a dime in an insurance product .
We were told by our state insurance division when investigating companies that when an insurance company goes under, it becomes a feeding frenzy. This made no sense till they said the buying company gets all the monthly premiums without sales or marketing costs.
If you bought your LTC insurance in the 80's, lucky you. It was a new product and the statisticians failed at their jobs.
Reply With Quote Quick reply to this message
 
Old 01-01-2016, 04:41 PM
 
71,967 posts, read 71,997,171 times
Reputation: 49553
Quote:
Originally Posted by Robyn55 View Post
Any citations for that?

d.
here you go


NY hospitals, doctors fear Health Republic meltdown will cost them millions | syracuse.com



as far as the mooch off other people comment ? nonsense .

this is a plan the state put out just to be pitched to folks like myself . they want the high net worth individual , this is who they geared it for and carefully crafted those perks to match going so far as to even legislate a special form of medicaid called mec just so they could circumvent the medicaid restrictions for the high net worth individual ..

what you think really is irrelevant and mis-informed in this case ..
.

Last edited by mathjak107; 01-01-2016 at 05:01 PM..
Reply With Quote Quick reply to this message
 
Old 01-01-2016, 04:47 PM
 
2,952 posts, read 1,647,191 times
Reputation: 5292
Quote:
Originally Posted by Retriever View Post
Admittedly, it has been about 15 years since I signed up for a LTC policy, but none of that was required by my insurance company.
All I had to do was to have my regular M.D. fill in some basic health information on a form, including height, weight, blood pressure, medication info, and immunization history, and then return that form to the insurance company.

Has it become that much more complex since then?


I went through this in September. Besides what you had to do, I went through a bunch of memory tests.

IF something happens to me like alzheimers, my coverage would be taken out of my whole life part for the first 18 months.
Reply With Quote Quick reply to this message
 
Old 01-01-2016, 05:02 PM
 
2,952 posts, read 1,647,191 times
Reputation: 5292
Quote:
Originally Posted by organic_donna View Post
Waiting to claim social security until age 66-70 will get you that return risk free for life.
If I end up in a home, want to be in one like my SIL mom was in for 11 years. $8700.00 a month
No one is collecting that much in SS. And if you have a spouse, what are they suppose to try live on.

Sorry but planning on living on SS alone is insane.

We know a few couples who thought they had enough. Met them when SIL mom was in a home. One part of the couple ended up in a home and is rapidly depleting the finances of the couple so bad that the other one is wondering how they will make it.
"It'll never happen to us" head on the sand belief.
Reply With Quote Quick reply to this message
 
Old 01-01-2016, 05:29 PM
 
Location: Close to an earthquake
890 posts, read 680,051 times
Reputation: 2390
Quote:
Originally Posted by foundapeanut View Post
If I end up in a home, want to be in one like my SIL mom was in for 11 years. $8700.00 a month
No one is collecting that much in SS. And if you have a spouse, what are they suppose to try live on.

Sorry but planning on living on SS alone is insane.

We know a few couples who thought they had enough. Met them when SIL mom was in a home. One part of the couple ended up in a home and is rapidly depleting the finances of the couple so bad that the other one is wondering how they will make it.
"It'll never happen to us" head on the sand belief.
There's no doubt in my mind there are some very sad stories and financial disasters you'll learn about while talking to those in a SNF and their family members. Sort of like going to an AA meeting and learning how devastating alcohol was to them and their family.

I do understand, however, those impressions can greatly influence those who listen to them.
Reply With Quote Quick reply to this message
 
Old 01-01-2016, 05:42 PM
 
71,967 posts, read 71,997,171 times
Reputation: 49553
Quote:
Originally Posted by organic_donna View Post
Waiting to claim social security until age 66-70 will get you that return risk free for life.
Not really. That yearly difference is not a true return because you are giving up all the checks you are not getting , spending down invested assets instead and not getting spousal adders.

When all that is figured in you have to make it 22-24 years just to break even . If you make it until 95 you see about a 5% real return.

Just because the money increases at that rate does not make it a return because all of the above represent the costs of getting that return.

Like paying a 6% sales commission and the money grows 8%
Reply With Quote Quick reply to this message
 
Old 01-02-2016, 02:32 AM
 
6,353 posts, read 5,176,067 times
Reputation: 8528
Quote:
Originally Posted by mathjak107 View Post
Not really. That yearly difference is not a true return because you are giving up all the checks you are not getting , spending down invested assets instead and not getting spousal adders.

When all that is figured in you have to make it 22-24 years just to break even . If you make it until 95 you see about a 5% real return.

Just because the money increases at that rate does not make it a return because all of the above represent the costs of getting that return.

Like paying a 6% sales commission and the money grows 8%
mathjak, as I've pointed out elsewhere (and I thought you agreed), there is an option value to waiting to 70 to take SS that you are overlooking. If you don't get a good deal from the government because you die soon after 70, or for that matter before 70, you won't care because you'll be dead. But if you live a very long time, say past 100, you'll have a great return and also you will really need the money. So you come out ahead by waiting...

UNLESS you have a bequest motive and die young. A strong bequest motive does change the equation in favor of taking SS earlier and investing (not spending) the money.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top