In this "Josh Rant" I discuss the controversial topic: Annuities.
Not sure why the controversy surrounds this one product, but just type "annuity" into any search engine and you'll get a plethora of commentary about the good and bad of annuities.
Here's my problem with this whole concept though; Annuities are an inanimate object! They are neither good NOR bad. They have no power to cause harm or charity
An annuity, like any other inanimate product, just exists. It's people engaging in the product that can do harm, not the product itself. People can misuse annuities, as they can misuse firearms, matches, automobiles, etc.
But for a large proportion of the population to simply write off annuities by saying silly things like "I Hate Annuities!" I just don't get it.
Every automobile accident involves an automobile. Would we take anyone seriously if someone were to say "I hate automobiles"?
Of course not. That is not logical.
So, in this "rant" I'm not trying to convince of an annuity. I'm simply saying you should open your eyes to them...IF they can serve a purpose.
Yes, there are risks.
Yes, they can be sold to unsuspecting widows by nefarious characters. Tell me a product which isn't though.
However, when it comes to income annuities, there is no other product that can GUARANTEE a monthly income stream that you can't outlive.
Does that mean you should rush in an buy an annuity?
NO! Research, research, research. Seek a second opinion.
Remember, many annuities have significant surrender charges. A lot of income annuities are also irrevocable. That means that once you sign the dotted line, you'll have a few weeks to reconsider but after that, you're stuck.
Make sure you know what you're getting into. And if need be, seek an alternative viewpoint.
But don't write any one product off outright, your financial well-being is too important for that kind of silliness.
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