The Great Annuity Rip-Off

[Silverbird]

You must be warning about non-TSP Annuities. There's no such thing as a variable TSP annuity. Our annuity program is very very good. Since this thread is on TSP Annuities, please offer a comparison with what we can get from TSP. Otherwise, I see no reason to go shopping for another Annuity, if I really want an annuity.

 

[GarySpicuzza]

Silverbird click www.tsp.gov/features/chapter14.html for information regarding your TSP annuity option.

I can assure you that MetLife is nobody's competition when it comes to private sector annuities. And while $120 billion in assets sounds very impressive it is chump change when compared with the big boyz, (Aviva and Allianz)...who are the worldwide GIANTS in the industry.

Someone will come along and correct me if I'm wrong but the TSP annuity option appears to me that you must annuitized your account.

99% of all annuities are never annuitized.

Nobody would recommend you do that unless there was a compelling reason. Once you "annuitize" an annuity that is an irrevocable option whereby you are systematically liquidating the cash for an income stream and once selected it can never be reversed.

That's not necessarily a bad thing if one is wanting to slow down Medicaid spend down for nursing home qualifications or to provide guaranteed lifetime income for a spouse or disabled child.

But as the linky states:

Once the funds for your annuity have been disbursed, you cannot cancel the annuity, change the annuity option, or change the joint annuitant.

Edit: You have to copy and paste link above to your broswer's address bar.
For some reason it doesn't take you to the exact page.

 

[SkyPilot]

GarySpicuzza

BANNED

SPAM BANDIT...

 

[divgolfish]

Hi
My Father has an anuuity with AIG . Under the circumstances , do you have any advice for him. How safe is his money under an annuity? 200K annuity.

 

[roskopfm]

It depends what type of annunity AIG annunity, or annunity thru a mutual fund that was purchased thru AIG. If they would go under, he would be a general creditor if not part of an mutual fund. If you had money in a mutual fund, it would be protected, but annunities not part of a fund are not.