Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Apologies in advance. I am brand new to MF and unfortunataly a financial novice. I am almost 50 and planning to retire in ~10 years. I am extremely conservative, focused on priciple preservation and accept the upside limits that come with that. I have no debt, am fully maxed out in 401K, don't qualify for Roth and in a reasonalby high marginal tax bracket with very little opportunity to reduce my tax burden. In addition to a mix of mutual funds and fixed income products in my 401K, I am invested in Jumbo CD's which are laddered.

I am now considering the purchase of an Equity Indexed Fixed Annuity from Midland National Life (14 yr) and would begin to annuitize in my early 60's. However, I am very leery, as I have heard for years the horror stories on annuities, especially variables (high fees and commissions, unscrupulous finanical advisors on commission, etc.) If anyone out there has any opinions on Equity Indexed Fixed Annuities in general or this Midland specific product, I would be most grateful. I accept that in return for safe principle I am limiting my upside, but also getting tax deferred growth (I am currently invested in CD's....).

I am also interested in opinions on annual point to point annual vs. monthly and if indexing which index to peg performance against. Again, thanks in advance and any insights greatly appreciated!
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.