This post is belated like closing the barn door after the horse gets out. However, I would say that this was a perfect senario for a split annuitiy. You use a portion of the money to buy a SPIA and the rest to buy either a EIA or a VA with a guaranteed return assuming those are still available. I am not doing these now so I don't know what is available but a few years back ING had a VA 7% guarantee and Jackson National had a 6% guarantee. I did this for a client. We increased her return about 4% over what she would get at the bank and at the end of the ten years she would still have the same amount of money as her original principal.
Can I Purchase a Joint Annuity with Pre-Tax Dollars?
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I have clients who sound a lot like this. They want advice, but only to confirm how great their financial decisions are.
We call these folks "validators" and try to weed them out in the first interview since they are a waste of time -without exception. They seek only to have you validate the decisions they have made. They are usually intelligent and happy to debate you (for free) 'til the cows come home, but all they really seek is to have you tell them how great a job they are doing with their investing strategy. They also will tell you in detail why whatever you have to suggest is not as good as whatever they are doing -and it doesn't really matter what you suggest since it is irrelevant to them.
We call these folks "validators" and try to weed them out in the first interview since they are a waste of time -without exception. They seek only to have you validate the decisions they have made. They are usually intelligent and happy to debate you (for free) 'til the cows come home, but all they really seek is to have you tell them how great a job they are doing with their investing strategy. They also will tell you in detail why whatever you have to suggest is not as good as whatever they are doing -and it doesn't really matter what you suggest since it is irrelevant to them.
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I had the same thought, but I thought I would be nice in my response.
Actually, I wish I was more high pressure. Sometimes I feel I don't use enough and just let people waffle without making a decision.
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Ditto. I wish I could do it, but I am very laid-back and when I try to switch to high pressure I get a personality disconnect that doesn't come across very well.
I have gotten good at spotting validators. I have learned to thank them very much for coming in and then cut the meeting short. When you do seminars on financial issues, you will get a certain number of people that are pretty smug with what they have accomplished (or think they have accomplished) and want to come to your "free consultation" to tell you how great they are. Many of them will even shove a financial statement across the desk in the first couple of minutes and wait for you to be impressed. That raises red flags all over the place "Beep, Beep, Beep -validator approaching".
ChristianFSFP
Expert
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I know of a 5 year product that I just put 100k with joint owners in.
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He went on to invest his money somewhere else.....like where? lol
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Yes but was it Qualified money... Also this poster has since invested the money.
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I bet he put it in a mutual fund, because Dave Ramsey told him to, and he was coming on here to waste people's time because we're evil annuity dealers. Dave says so.
