Straight Talk Annuity

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
000
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Re: Straight Talk Annuity

Post by 000 » Mon Jul 27, 2020 1:10 pm

tj wrote:
Sun Jul 26, 2020 10:10 pm
It seems a bit disingenuous that the guy at the annuitystraighttalk website repeatedly says there are no fees and that you can't lose $$.

There certainly are fees, and I don't see how there could be a contract that guarantees you won't lose any $$$.
There are no fees because the product is offered as-is. The "no fees" statement means there is nothing on top of the contract. Just like there are no fees for my checking account. Of course I know -- and any reasonable person knows -- that the bank is making money on the spread, just like an insurer.

bikechuck
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Re: Straight Talk Annuity

Post by bikechuck » Mon Jul 27, 2020 1:12 pm

[quote=ChrisBenn post_id=5396306 time=1595862717

So it does have full liquidity? That is definitely surprising.

But otherwise just amend the question to 250k?
[/quote]

My fixed annuity that is paying a guaranteed minimum 4.5% now has full liquidity. It had a period of 7 years or so where there were surrender charges for early withdrawals but once that time period was up it became fully liquid with no charges to add or withdraw funds.

Topic Author
hoops777
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Re: Straight Talk Annuity

Post by hoops777 » Mon Jul 27, 2020 1:17 pm

Stinky wrote:
Mon Jul 27, 2020 11:49 am
hoops777 wrote:
Mon Jul 27, 2020 11:36 am
The annuity guy responded to my emails about all of your comments. I do not think he is coming on the forum, but he was offended by a lot of your remarks and said you all do not really understand how this product works if sold correctly. He did say I am 100 pct guaranteed to get my full investment back at the end of the contract as long as I stay within the rules of the contract.
It would be great if he would actually post here to debate your assertions.
Trust me, the vast majority of the information posted in this thread is 100% correct.

I worked in the home office of a major life insurance company for over 40 years. I was involved in the design and pricing of fixed indexed annuities, which my company sold.

The Boglehead criticisms are correct. The salesman is just that - a salesman - who is seeing a potential commission walk away. Better that the salesman be “offended” by the Forum comments than you get ripped off with a mis-represented product.

If you’re choosing to not purchase a fixed indexed annuity, you’re making a good decision.
He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
K.I.S.S........so easy to say so difficult to do.

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FiveK
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Re: Straight Talk Annuity

Post by FiveK » Mon Jul 27, 2020 1:21 pm

hoops777 wrote:
Mon Jul 27, 2020 1:06 pm
He said that annuities do not have a prospectus,and if someone knows what they are talking about they would know that.
Oh dear. Apparently the SEC and all these insurance companies are clueless: annuity prospectus - Google Search.

Lastrun
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Re: Straight Talk Annuity

Post by Lastrun » Mon Jul 27, 2020 1:26 pm

hoops777 wrote:
Mon Jul 27, 2020 1:06 pm

You only lose money if you cancel early. He said that annuities do not have a prospectus,and if someone knows what they are talking about they would know that.
Obviously, he does not know what he is talking about.

https://www.brighthousefinancial.com/pr ... rformance/

https://www.transamerica.com/financial- ... rospectus/

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Stinky
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Re: Straight Talk Annuity

Post by Stinky » Mon Jul 27, 2020 1:28 pm

hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
It's a GREAT day to be alive - Travis Tritt

AUH2O
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Re: Straight Talk Annuity

Post by AUH2O » Mon Jul 27, 2020 1:44 pm

Annuities don't have a prospectus? Variable annuities are required to have one. That isn't straight talk, it's outright ignorance or deception.

In the case of fixed index annuities, the insurance company may use a different name like "disclosure statement" or "product summary" which describes the features and costs.
Last edited by AUH2O on Mon Jul 27, 2020 1:53 pm, edited 1 time in total.

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hoops777
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Re: Straight Talk Annuity

Post by hoops777 » Mon Jul 27, 2020 1:47 pm

Stinky wrote:
Mon Jul 27, 2020 1:28 pm
hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
K.I.S.S........so easy to say so difficult to do.

000
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Re: Straight Talk Annuity

Post by 000 » Mon Jul 27, 2020 1:49 pm

hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm
hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
There are negatives to any choice in life, including investment choices. Only you can decide if the negatives are worth the positives for you.

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Stinky
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Re: Straight Talk Annuity

Post by Stinky » Mon Jul 27, 2020 1:50 pm

hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm
hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
I’d keep the amount with any one insurer below the guaranty fund limit for your state. (You can google that or just ask back on the Forum).

Otherwise, good to go!
It's a GREAT day to be alive - Travis Tritt

Topic Author
hoops777
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Re: Straight Talk Annuity

Post by hoops777 » Mon Jul 27, 2020 1:51 pm

000 wrote:
Mon Jul 27, 2020 1:49 pm
hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm
hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
There are negatives to any choice in life, including investment choices. Only you can decide if the negatives are worth the positives for you.
So what are the negatives ? I would be very content with a 7 yr 3.25% return in my IRA.
Last edited by hoops777 on Mon Jul 27, 2020 1:54 pm, edited 1 time in total.
K.I.S.S........so easy to say so difficult to do.

000
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Re: Straight Talk Annuity

Post by 000 » Mon Jul 27, 2020 1:53 pm

hoops777 wrote:
Mon Jul 27, 2020 1:51 pm
000 wrote:
Mon Jul 27, 2020 1:49 pm
hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm
hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
There are negatives to any choice in life, including investment choices. Only you can decide if the negatives are worth the positives for you.
So what are the negatives ?
We never know what all the negatives are until they actually happen. I think the posters above have pointed out several negatives. Here is a summary of things I would consider: surrender risk (needing the money sooner than you think), inflation risk (the money is worth less in real terms when you get it back than you expected), insurer default risk, and the risk of not understanding the deal better than the insurer's lawyers who wrote the contract.

tj
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Re: Straight Talk Annuity

Post by tj » Mon Jul 27, 2020 1:54 pm

hoops777 wrote:
Mon Jul 27, 2020 1:51 pm
000 wrote:
Mon Jul 27, 2020 1:49 pm
hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm
hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
There are negatives to any choice in life, including investment choices. Only you can decide if the negatives are worth the positives for you.
So what are the negatives ?
If you are younger than age 59.5, you get hit with a 10% early withdrawal tax unless you keep rolling over into new annuities. The negative is that insurance company could go poof and you earn nothing. Doesn't seem likely though.

Topic Author
hoops777
Posts: 3146
Joined: Sun Apr 10, 2011 12:23 pm

Re: Straight Talk Annuity

Post by hoops777 » Mon Jul 27, 2020 1:55 pm

000 wrote:
Mon Jul 27, 2020 1:53 pm
hoops777 wrote:
Mon Jul 27, 2020 1:51 pm
000 wrote:
Mon Jul 27, 2020 1:49 pm
hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm


Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
There are negatives to any choice in life, including investment choices. Only you can decide if the negatives are worth the positives for you.
So what are the negatives ?
We never know what all the negatives are until they actually happen. I think the posters above have pointed out several negatives. Here is a summary of things I would consider: surrender risk (needing the money sooner than you think), inflation risk (the money is worth less in real terms when you get it back than you expected), insurer default risk, and the risk of not understanding the deal better than the insurer's lawyers who wrote the contract.
My only concern of the things you mentioned is default risk.
K.I.S.S........so easy to say so difficult to do.

Topic Author
hoops777
Posts: 3146
Joined: Sun Apr 10, 2011 12:23 pm

Re: Straight Talk Annuity

Post by hoops777 » Mon Jul 27, 2020 1:59 pm

Stinky wrote:
Mon Jul 27, 2020 1:50 pm
hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm
hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
I’d keep the amount with any one insurer below the guaranty fund limit for your state. (You can google that or just ask back on the Forum).

Otherwise, good to go!
When I was researching this last week online it seemed that the annuities with the desired yields were not eligible for California residents for some reason.
K.I.S.S........so easy to say so difficult to do.

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Stinky
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Location: Sweet Home Alabama

Re: Straight Talk Annuity

Post by Stinky » Mon Jul 27, 2020 2:10 pm

hoops777 wrote:
Mon Jul 27, 2020 1:59 pm
Stinky wrote:
Mon Jul 27, 2020 1:50 pm
hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm
hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
I’d keep the amount with any one insurer below the guaranty fund limit for your state. (You can google that or just ask back on the Forum).

Otherwise, good to go!
When I was researching this last week online it seemed that the annuities with the desired yields were not eligible for California residents for some reason.
This product is definitely sold in California.

But some companies that you’ve looked at might not be licensed to sell in the state.
It's a GREAT day to be alive - Travis Tritt

Topic Author
hoops777
Posts: 3146
Joined: Sun Apr 10, 2011 12:23 pm

Re: Straight Talk Annuity

Post by hoops777 » Mon Jul 27, 2020 2:19 pm

Stinky wrote:
Mon Jul 27, 2020 2:10 pm
hoops777 wrote:
Mon Jul 27, 2020 1:59 pm
Stinky wrote:
Mon Jul 27, 2020 1:50 pm
hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm


Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
I’d keep the amount with any one insurer below the guaranty fund limit for your state. (You can google that or just ask back on the Forum).

Otherwise, good to go!
When I was researching this last week online it seemed that the annuities with the desired yields were not eligible for California residents for some reason.
This product is definitely sold in California.

But some companies that you’ve looked at might not be licensed to sell in the state.
Thanks. It appears the higher rated the company the lower the payout. There was one A- company Oxford that had good rates and one B++ Sentinal Security. I guess this is the risk part of the decision.
K.I.S.S........so easy to say so difficult to do.

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Stinky
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Location: Sweet Home Alabama

Re: Straight Talk Annuity

Post by Stinky » Mon Jul 27, 2020 2:27 pm

hoops777 wrote:
Mon Jul 27, 2020 2:19 pm
Stinky wrote:
Mon Jul 27, 2020 2:10 pm
hoops777 wrote:
Mon Jul 27, 2020 1:59 pm
Stinky wrote:
Mon Jul 27, 2020 1:50 pm
hoops777 wrote:
Mon Jul 27, 2020 1:47 pm


Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
I’d keep the amount with any one insurer below the guaranty fund limit for your state. (You can google that or just ask back on the Forum).

Otherwise, good to go!
When I was researching this last week online it seemed that the annuities with the desired yields were not eligible for California residents for some reason.
This product is definitely sold in California.

But some companies that you’ve looked at might not be licensed to sell in the state.
Thanks. It appears the higher rated the company the lower the payout. There was one A- company Oxford that had good rates and one B++ Sentinal Security. I guess this is the risk part of the decision.
The guaranty fund will make you whole in event of a default by the insurer, absent a total industry collapse.

That being said, I would personally go no lower than an A- rating from AM Best. Others on the Forum might feel more comfortable with a minimum rating of A or A+.
It's a GREAT day to be alive - Travis Tritt

tj
Posts: 3060
Joined: Thu Dec 24, 2009 12:10 am

Re: Straight Talk Annuity

Post by tj » Mon Jul 27, 2020 8:33 pm

hoops777 wrote:
Mon Jul 27, 2020 1:59 pm
Stinky wrote:
Mon Jul 27, 2020 1:50 pm
hoops777 wrote:
Mon Jul 27, 2020 1:47 pm
Stinky wrote:
Mon Jul 27, 2020 1:28 pm
hoops777 wrote:
Mon Jul 27, 2020 1:17 pm

He said that if I am skeptical of indexed annuities and are conservative, which I told him I am with many brokered CDs in my IRA’s, that I should consider fixed annuities since I am concerned with reinvesting my CDs in a couple years that currently average 3 pct. He has a 7 yr 3.25 fixed annuity from an A+ company and a three year 2.4. I did not yet ask him about the fees and guarantees on these products.Fixed annuities were actually what I was starting to research when this all happened. I assume they are bad as well? I would buy a 7 year at 3.25 tomorrow if there is no catch.
Now the salesman is giving you much better advice. Please look at this recent thread on Multi Year Guarantee Annuities (MYGA), especially at the post by gjlynch17 near the top oof the thread.
viewtopic.php?f=1&t=313935

In summary, the downsides of such products are the punishing surrender charges if you need the money before the term expires, and the lack of FDIC coverage (state guaranty fund instead). The upside is a fully guaranteed rate for the term of the contract, and the deferral of taxes on the accruing interest.
Ok I did look at the thread. So there is no negative to a fixed annuity as long as it is a highly rated insurer and you hold it the full term?
I’d keep the amount with any one insurer below the guaranty fund limit for your state. (You can google that or just ask back on the Forum).

Otherwise, good to go!
When I was researching this last week online it seemed that the annuities with the desired yields were not eligible for California residents for some reason.
California charges a tax on annuities, so the yields are probably lowered?

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Stinky
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Location: Sweet Home Alabama

Re: Straight Talk Annuity

Post by Stinky » Mon Jul 27, 2020 9:15 pm

tj wrote:
Mon Jul 27, 2020 8:33 pm
hoops777 wrote:
Mon Jul 27, 2020 1:59 pm
When I was researching this last week online it seemed that the annuities with the desired yields were not eligible for California residents for some reason.
California charges a tax on annuities, so the yields are probably lowered?
Good catch!

California is one of only seven states that charges a premium tax on non qualified annuities. The rate appears to be 2.35%. That is a pretty heavy burden, especially on a short-term MYGA.

I expect that many insurers would pass along at least part of that premium tax to CA annuity purchasers. So it stands to reason that CA annuity credited rates could be lower than those in most of the nation.
It's a GREAT day to be alive - Travis Tritt

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Mel Lindauer
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Re: Straight Talk Annuity

Post by Mel Lindauer » Mon Jul 27, 2020 9:42 pm

Here's a link to a Forbes column I did some time ago on these terrible things. It's titled "The Truth about Equity Indexed Annuities". https://www.forbes.com/2010/08/10/truth ... c987501257

Run, don't walk away!
Best Regards - Mel | | Semper Fi

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Re: Straight Talk Annuity

Post by pkcrafter » Mon Jul 27, 2020 10:32 pm

hoops777 wrote:
Mon Jul 27, 2020 1:06 pm
[
You only lose money if you cancel early. He said that annuities do not have a prospectus,and if someone knows what they are talking about they would know that.
Hoops, you certainly created an interesting thread. :happy

I guess this EIA doesn't have a prospectus, it has a contract.

https://www.sec.gov/oiea/investor-alert ... dannuities

Paul
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.

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Re: Straight Talk Annuity

Post by hoops777 » Mon Jul 27, 2020 10:47 pm

Stinky wrote:
Mon Jul 27, 2020 9:15 pm
tj wrote:
Mon Jul 27, 2020 8:33 pm
hoops777 wrote:
Mon Jul 27, 2020 1:59 pm
When I was researching this last week online it seemed that the annuities with the desired yields were not eligible for California residents for some reason.
California charges a tax on annuities, so the yields are probably lowered?
Good catch!

California is one of only seven states that charges a premium tax on non qualified annuities. The rate appears to be 2.35%. That is a pretty heavy burden, especially on a short-term MYGA.

I expect that many insurers would pass along at least part of that premium tax to CA annuity purchasers. So it stands to reason that CA annuity credited rates could be lower than those in most of the nation.
I hope this s not a stupid question but I am assuming there would be no taxes if held in a Roth or IRA ?
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by hoops777 » Mon Jul 27, 2020 10:54 pm

pkcrafter wrote:
Mon Jul 27, 2020 10:32 pm
hoops777 wrote:
Mon Jul 27, 2020 1:06 pm
[
You only lose money if you cancel early. He said that annuities do not have a prospectus,and if someone knows what they are talking about they would know that.
Hoops, you certainly created an interesting thread. :happy

I guess this EIA doesn't have a prospectus, it has a contract.

https://www.sec.gov/oiea/investor-alert ... dannuities

Paul
That is what the annuity guy told me. My last email with him also had him saying he does not like to deal with companies with a b++ rating and it might be best if I did not buy the fixed annuity because of the lower Calif rates. I do believe he is the shady annuity salesman most of you assumed him to be. We had already agreed I was not buying the indexed annuity and he did not realize I was in Calif when he gave me the fixed rates.
He also said that if you stay under the state guarantee he has never known of anyone losing money but the money can be frozen for a couple years which is why he only deals with very highly rated companies.
Last edited by hoops777 on Tue Jul 28, 2020 9:46 am, edited 2 times in total.
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by Stinky » Tue Jul 28, 2020 5:04 am

hoops777 wrote:
Mon Jul 27, 2020 10:47 pm
Stinky wrote:
Mon Jul 27, 2020 9:15 pm
tj wrote:
Mon Jul 27, 2020 8:33 pm
hoops777 wrote:
Mon Jul 27, 2020 1:59 pm
When I was researching this last week online it seemed that the annuities with the desired yields were not eligible for California residents for some reason.
California charges a tax on annuities, so the yields are probably lowered?
Good catch!

California is one of only seven states that charges a premium tax on non qualified annuities. The rate appears to be 2.35%. That is a pretty heavy burden, especially on a short-term MYGA.

I expect that many insurers would pass along at least part of that premium tax to CA annuity purchasers. So it stands to reason that CA annuity credited rates could be lower than those in most of the nation.
I hope this s not a stupid question but I am assuming there would be no taxes if held in a Roth or IRA ?
No question is stupid. :D

Bad news - It appears that there is a premium tax on annuities sold in California that are held within a "qualified" account, like an IRA.

Good news - the rate for "qualified" annuities is only 0.50%, rather than the 2.35% on non-qualified accounts.

A question - I don't know what premium tax rate, if any, is applied to annuities sold in California that are held within a Roth. All of the sources that I looked at just talked about "qualified" and "non-qualified".

By the way, here's one of the sources - just google "california premium tax annuities" for others: https://www.investmentnews.com/beware-s ... %202.35%25.
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Re: Straight Talk Annuity

Post by hoops777 » Tue Jul 28, 2020 9:35 am

Stinky wrote:
Tue Jul 28, 2020 5:04 am
hoops777 wrote:
Mon Jul 27, 2020 10:47 pm
Stinky wrote:
Mon Jul 27, 2020 9:15 pm
tj wrote:
Mon Jul 27, 2020 8:33 pm
hoops777 wrote:
Mon Jul 27, 2020 1:59 pm
When I was researching this last week online it seemed that the annuities with the desired yields were not eligible for California residents for some reason.
California charges a tax on annuities, so the yields are probably lowered?
Good catch!

California is one of only seven states that charges a premium tax on non qualified annuities. The rate appears to be 2.35%. That is a pretty heavy burden, especially on a short-term MYGA.

I expect that many insurers would pass along at least part of that premium tax to CA annuity purchasers. So it stands to reason that CA annuity credited rates could be lower than those in most of the nation.
I hope this s not a stupid question but I am assuming there would be no taxes if held in a Roth or IRA ?
No question is stupid. :D

Bad news - It appears that there is a premium tax on annuities sold in California that are held within a "qualified" account, like an IRA.

Good news - the rate for "qualified" annuities is only 0.50%, rather than the 2.35% on non-qualified accounts.

A question - I don't know what premium tax rate, if any, is applied to annuities sold in California that are held within a Roth. All of the sources that I looked at just talked about "qualified" and "non-qualified".

By the way, here's one of the sources - just google "california premium tax annuities" for others: https://www.investmentnews.com/beware-s ... %202.35%25.
Thank you.I read the article but still do not fully understand the tax. So if I have an a fixed annuity paying 3 pct am I keeping all of the 3 pct or am I taxed on the 3 pct. It seemed like they were saying the states that tax annuities make the insurer pay so the rates reflect that by being lower. There was however a comment about the customer could be taxed when it is annuitized.
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by Stinky » Tue Jul 28, 2020 9:58 am

hoops777 wrote:
Tue Jul 28, 2020 9:35 am
Stinky wrote:
Tue Jul 28, 2020 5:04 am

No question is stupid. :D

Bad news - It appears that there is a premium tax on annuities sold in California that are held within a "qualified" account, like an IRA.

Good news - the rate for "qualified" annuities is only 0.50%, rather than the 2.35% on non-qualified accounts.

A question - I don't know what premium tax rate, if any, is applied to annuities sold in California that are held within a Roth. All of the sources that I looked at just talked about "qualified" and "non-qualified".

By the way, here's one of the sources - just google "california premium tax annuities" for others: https://www.investmentnews.com/beware-s ... %202.35%25.
Thank you.I read the article but still do not fully understand the tax. So if I have an a fixed annuity paying 3 pct am I keeping all of the 3 pct or am I taxed on the 3 pct. It seemed like they were saying the states that tax annuities make the insurer pay so the rates reflect that by being lower. There was however a comment about the customer could be taxed when it is annuitized.
Let's talk taxes. Let's say, for the purpose of discussion, that you buy a $100k non-qualified MYGA for a seven year period, the rate of interest is 2.50%, and there is no premium tax. At the end of seven years, your $100k will have grown to $118,869 (including compounding of interest), and you would owe income taxes on the $18,869 growth unless you do a 1035 exchange into a new annuity.

But now let's say that you're in California, and subject to a 2.35% premium tax. The insurer will pay that tax to CA up front, and will logically credit you a lower rate of interest to compensate for their cost. Using rough math, 2.35% over a seven year annuity is equal to about 0.34% each year for seven years. So, if the insurer could afford to pay you 2.50% without premium taxes, he could only afford to pay you about 2.16% including the impact of premium taxes. So, your $100k deposit would compound to $116,136, and you would owe income taxes on the $16,136 growth.

If the California premium tax is a flat 2.35%, no matter how long the term of the annuity, it would be a real killer on the short-duration contracts. While 2.35% amortized over 7 years is 0.34% per year, it is 0.78% per year amortized over 3 years.

Please keep asking questions as they come up.
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Re: Straight Talk Annuity

Post by hoops777 » Tue Jul 28, 2020 10:26 am

Thanks
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by Stinky » Wed Jul 29, 2020 5:25 am

hoops777 wrote:
Tue Jul 28, 2020 10:26 am

Thanks
Please let us know which annuity (if any) you decide to purchase.
It's a GREAT day to be alive - Travis Tritt

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Re: Straight Talk Annuity

Post by hoops777 » Wed Jul 29, 2020 11:01 am

Stinky wrote:
Wed Jul 29, 2020 5:25 am
hoops777 wrote:
Tue Jul 28, 2020 10:26 am

Thanks
Please let us know which annuity (if any) you decide to purchase.
I think babysitting my almost 2 year old grandson 40 hours a week is straining my ability to engage in any complex thinking :D
To simplify this,if I buy a fixed annuity in California that is paying 3 pct and put it in my IRA, tax wise it will be the same as my brokered CDs.
Your example was non qualified accounts.
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by Stinky » Wed Jul 29, 2020 11:14 am

hoops777 wrote:
Wed Jul 29, 2020 11:01 am
Stinky wrote:
Wed Jul 29, 2020 5:25 am
hoops777 wrote:
Tue Jul 28, 2020 10:26 am

Thanks
Please let us know which annuity (if any) you decide to purchase.
I think babysitting my almost 2 year old grandson 40 hours a week is straining my ability to engage in any complex thinking :D
To simplify this,if I buy a fixed annuity in California that is paying 3 pct and put it in my IRA, tax wise it will be the same as my brokered CDs.
Your example was non qualified accounts.
Congratulations/condolences on having a full time job taking care of a 2 year old. :D

Yes, a MYGA in an IRA would be taxed exactly the same as a CD (or any other investment in an IRA, for that matter).

All withdrawals from the IRA will be taxed as ordinary income when withdrawn. (Of course, unless it’s a Qualifed Charitable Distribution.)
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Re: Straight Talk Annuity

Post by neverpanic » Wed Jul 29, 2020 11:33 am

Stinky wrote:
Wed Jul 29, 2020 11:14 am
Yes, a MYGA in an IRA would be taxed exactly the same as a CD (or any other investment in an IRA, for that matter).

All withdrawals from the IRA will be taxed as ordinary income when withdrawn. (Of course, unless it’s a Qualified Charitable Distribution.)
What are the mechanics of adding a MYGA to an IRA? Does one purchase the annuity with funds that are already in the IRA? I'm trying to understand how its valuation at time of purchase impacts annual IRA contribution limits.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.

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Re: Straight Talk Annuity

Post by Stinky » Wed Jul 29, 2020 11:39 am

neverpanic wrote:
Wed Jul 29, 2020 11:33 am
Stinky wrote:
Wed Jul 29, 2020 11:14 am
Yes, a MYGA in an IRA would be taxed exactly the same as a CD (or any other investment in an IRA, for that matter).

All withdrawals from the IRA will be taxed as ordinary income when withdrawn. (Of course, unless it’s a Qualified Charitable Distribution.)
What are the mechanics of adding a MYGA to an IRA? Does one purchase the annuity with funds that are already in the IRA? I'm trying to understand how its valuation at time of purchase impacts annual IRA contribution limits.
I believe that an annuity within an IRA would need to be purchased with funds already inside the IRA. So the contribution limits to an IRA would be an entirely separate topic.

See the link below to see how one annuity agent handles IRAs. I'm sure that you could google for other resources.

https://www.immediateannuities.com/roll ... a-or-401k/
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Re: Straight Talk Annuity

Post by hoops777 » Wed Jul 29, 2020 1:31 pm

Stinky wrote:
Wed Jul 29, 2020 5:25 am
hoops777 wrote:
Tue Jul 28, 2020 10:26 am

Thanks
Please let us know which annuity (if any) you decide to purchase.
Oxford has a 4 yr 3.05 for California that I think I am going to do. Rated A- but feel comfortable with the state guarantee. I was going to use Blueprint income.
I filled out the forms and am waiting for verification. I have a 30 day cancellation window. Oxford is lowering rate Aug 1 so had to do it today.
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by Stinky » Wed Jul 29, 2020 2:37 pm

hoops777 wrote:
Wed Jul 29, 2020 1:31 pm
Stinky wrote:
Wed Jul 29, 2020 5:25 am
hoops777 wrote:
Tue Jul 28, 2020 10:26 am

Thanks
Please let us know which annuity (if any) you decide to purchase.
Oxford has a 4 yr 3.05 for California that I think I am going to do. Rated A- but feel comfortable with the state guarantee. I was going to use Blueprint income.
I filled out the forms and am waiting for verification. I have a 30 day cancellation window. Oxford is lowering rate Aug 1 so had to do it today.
That sounds like an absolutely outstanding purchase.

And it’s 1,000,000 percent better than the fixed indexed annuity that began this thread.

Congratulations. :moneybag
It's a GREAT day to be alive - Travis Tritt

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Re: Straight Talk Annuity

Post by hoops777 » Wed Jul 29, 2020 2:57 pm

Stinky wrote:
Wed Jul 29, 2020 2:37 pm
hoops777 wrote:
Wed Jul 29, 2020 1:31 pm
Stinky wrote:
Wed Jul 29, 2020 5:25 am
hoops777 wrote:
Tue Jul 28, 2020 10:26 am

Thanks
Please let us know which annuity (if any) you decide to purchase.
Oxford has a 4 yr 3.05 for California that I think I am going to do. Rated A- but feel comfortable with the state guarantee. I was going to use Blueprint income.
I filled out the forms and am waiting for verification. I have a 30 day cancellation window. Oxford is lowering rate Aug 1 so had to do it today.
That sounds like an absolutely outstanding purchase.

And it’s 1,000,000 percent better than the fixed indexed annuity that began this thread.

Congratulations. :moneybag
Bogleheads wisdom :D
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by indexfundfan » Wed Jul 29, 2020 3:08 pm

hoops777 wrote:
Wed Jul 29, 2020 1:31 pm
Stinky wrote:
Wed Jul 29, 2020 5:25 am
hoops777 wrote:
Tue Jul 28, 2020 10:26 am

Thanks
Please let us know which annuity (if any) you decide to purchase.
Oxford has a 4 yr 3.05 for California that I think I am going to do. Rated A- but feel comfortable with the state guarantee. I was going to use Blueprint income.
I filled out the forms and am waiting for verification. I have a 30 day cancellation window. Oxford is lowering rate Aug 1 so had to do it today.
I bought the Oxford 4-yr 3.05% MYGA two weeks ago. I like that Oxford gives you the ability to view your policy on their website. They even list the accumulated policy value to date. From my calculations, the accumulated value is correct. :-)
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Re: Straight Talk Annuity

Post by hoops777 » Wed Jul 29, 2020 3:30 pm

indexfundfan wrote:
Wed Jul 29, 2020 3:08 pm
hoops777 wrote:
Wed Jul 29, 2020 1:31 pm
Stinky wrote:
Wed Jul 29, 2020 5:25 am
hoops777 wrote:
Tue Jul 28, 2020 10:26 am

Thanks
Please let us know which annuity (if any) you decide to purchase.
Oxford has a 4 yr 3.05 for California that I think I am going to do. Rated A- but feel comfortable with the state guarantee. I was going to use Blueprint income.
I filled out the forms and am waiting for verification. I have a 30 day cancellation window. Oxford is lowering rate Aug 1 so had to do it today.
I bought the Oxford 4-yr 3.05% MYGA two weeks ago. I like that Oxford gives you the ability to view your policy on their website. They even list the accumulated policy value to date. From my calculations, the accumulated value is correct. :-)
Great to know. I am hoping I do not get a notice that it is too late to get the rate. I will know tomorrow when I get Oxford’s paperwork. I am also thinking I should have bought a higher amount.
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by Stinky » Wed Jul 29, 2020 10:36 pm

hoops777 wrote:
Wed Jul 29, 2020 3:30 pm
indexfundfan wrote:
Wed Jul 29, 2020 3:08 pm
hoops777 wrote:
Wed Jul 29, 2020 1:31 pm
Stinky wrote:
Wed Jul 29, 2020 5:25 am
hoops777 wrote:
Tue Jul 28, 2020 10:26 am

Thanks
Please let us know which annuity (if any) you decide to purchase.
Oxford has a 4 yr 3.05 for California that I think I am going to do. Rated A- but feel comfortable with the state guarantee. I was going to use Blueprint income.
I filled out the forms and am waiting for verification. I have a 30 day cancellation window. Oxford is lowering rate Aug 1 so had to do it today.
I bought the Oxford 4-yr 3.05% MYGA two weeks ago. I like that Oxford gives you the ability to view your policy on their website. They even list the accumulated policy value to date. From my calculations, the accumulated value is correct. :-)
Great to know. I am hoping I do not get a notice that it is too late to get the rate. I will know tomorrow when I get Oxford’s paperwork. I am also thinking I should have bought a higher amount.
Hope that your application beat the rate change.
It's a GREAT day to be alive - Travis Tritt

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Re: Straight Talk Annuity

Post by hoops777 » Thu Jul 30, 2020 12:53 pm

Stinky wrote:
Wed Jul 29, 2020 10:36 pm
hoops777 wrote:
Wed Jul 29, 2020 3:30 pm
indexfundfan wrote:
Wed Jul 29, 2020 3:08 pm
hoops777 wrote:
Wed Jul 29, 2020 1:31 pm
Stinky wrote:
Wed Jul 29, 2020 5:25 am


Please let us know which annuity (if any) you decide to purchase.
Oxford has a 4 yr 3.05 for California that I think I am going to do. Rated A- but feel comfortable with the state guarantee. I was going to use Blueprint income.
I filled out the forms and am waiting for verification. I have a 30 day cancellation window. Oxford is lowering rate Aug 1 so had to do it today.
I bought the Oxford 4-yr 3.05% MYGA two weeks ago. I like that Oxford gives you the ability to view your policy on their website. They even list the accumulated policy value to date. From my calculations, the accumulated value is correct. :-)
Great to know. I am hoping I do not get a notice that it is too late to get the rate. I will know tomorrow when I get Oxford’s paperwork. I am also thinking I should have bought a higher amount.
Hope that your application beat the rate change.
I got the contract signed so they say I have a 60 day lock. I had a problem printing the wet signature page for the transfer so they have to priority mail it. I am impressed with the customer service of Blueprint Income.
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by hoops777 » Sat Aug 01, 2020 1:12 pm

Delete
Last edited by hoops777 on Sat Aug 01, 2020 1:27 pm, edited 1 time in total.
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Re: Straight Talk Annuity

Post by tj » Sat Aug 01, 2020 1:23 pm

hoops777 wrote:
Sat Aug 01, 2020 1:12 pm
I also want to apologize to Straight Talk Annuity who sort of got dragged through the mud.
I would not hesitate to contact him again for any future needs.
I bought from Blueprint Income because I found the 3.05 4 year fixed for California residents and the rate was dropping in 2 days. I had no time to mess around and he had said he only likes to deal with the highest rated companies and Oxford at A- is not that, so I acted quickly.
Thanks again to all for the help.
Well, if he got dragged through the mud, it's kind of his own doing, right? His marketing seems a bit suspect.

The annuity sales guy has ranted about the Bogleheads:

https://annuitystraighttalk.com/newslet ... annuities/

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Re: Straight Talk Annuity

Post by hoops777 » Sat Aug 01, 2020 1:28 pm

tj wrote:
Sat Aug 01, 2020 1:23 pm
hoops777 wrote:
Sat Aug 01, 2020 1:12 pm
I also want to apologize to Straight Talk Annuity who sort of got dragged through the mud.
I would not hesitate to contact him again for any future needs.
I bought from Blueprint Income because I found the 3.05 4 year fixed for California residents and the rate was dropping in 2 days. I had no time to mess around and he had said he only likes to deal with the highest rated companies and Oxford at A- is not that, so I acted quickly.
Thanks again to all for the help.
Well, if he got dragged through the mud, it's kind of his own doing, right? His marketing seems a bit suspect.

The annuity sales guy has ranted about the Bogleheads:

https://annuitystraighttalk.com/newslet ... annuities/
Please end this discussion.There is no point going any further .Thanks.
K.I.S.S........so easy to say so difficult to do.

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Re: Straight Talk Annuity

Post by LadyGeek » Sat Aug 01, 2020 2:20 pm

This thread has run its course and is locked (topic exhausted, contentious). See: Locked Topics
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This thread is now in the Personal Finance (Not Investing) forum (annuity).
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