[Tamela]

Has anyone here purchased an annuity through Gainbridge? Their current rates, particularly around 5.70%, seem quite competitive.

However, I’ve often heard mixed feedback about annuities in general and would love to hear from anyone with firsthand experience.

Is it worth considering, or are there potential drawbacks I should be aware of?

[Shawn]

Most of the general criticism of annuities is aimed at more complicated products. There are two products offered by Gainbridge.

One is taxed like an annuity with tax deferral and an early withdrawal penalty.

Both have pretty long lock up terms. You can only withdraw 10% of your money early.

They are an insurance product so while not FDIC insured they are insured by your state up to certain limits.

[Goss]

It varies, talk to a broker to compare them. 5+% annual fees seems very steep, are you sure that’s not the commission/front end charge?

There are give and takes with any product, it depends on your goals and if these features fit them better than something else.

Also, don’t buy into any hype or negative press, the industry is getting somewhat childish with advertising anymore.

[Scott]

An annuity can give you that return rate over time. They usually require a holding period, they charge a whole lot of maintenance fees.

And at the end of the day you’re paying an insurance company to do your investing, when you could just buy voo, and get 12% on your money over the same time frame.

[Author]

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