What is the best way to invest $60,000.00?I've allready got it in an annuity with a 7% return.Can I do better?
You can definately do better - but every inch of better adds a mile of riskier.
First of all what type of annuity? Fixed or variable? Is that 7% guaranteed or part of an income benefit? You've got a ton of research to do here and if your financial rep didn't explain this to you so you properly understand it, HE should be fired.
There is always more risk involved if you want higher return. It depends if you can handle it or not this point in your life. They usually have kids my age on high risk funds. Older people tend to invest in places with less risk.
%7 seems very reasonable. When people start getting 15%-20% its usually a ponsi scheme, at least according to the show American Greed!
Thank you for the confirmation,Mikey,the problem with most annuities is the penalties inferred with large withdrawls,but I'm satistisfied with that part of the equasion as I've got other fluid assets to lean on.
Many annuities have no-penalty withdrawal plans, up to as much as 10% a year I believe. At 7% you'll nearly double your investment in ten years, and it's safe. There are plans that will let you invest in the market with little or no downside potential as well.
Problem with most agents is that they're bound to a single company or to a handful of affiliated ones. So they don't really know what all is available, nor do they care, they just want to sell you their product.
Drop me an email if you like, and I'll send your contact info to my husband. He didn't sell his soul. In fact he left the company he was with and started his own business a few years ago solely for the purpose of being able to keep his own soul, lol.
He may not be able to personally help you due to licensing issues depending on where you live, but he can definitely share product information with you as to what your options are, and believe me there's alot of information most agents don't have the first clue about. Most agents just learn a sales spiel on a short series of products from a single company. If that sounds like your agent, what he doesn't know can cost you lots.
Drop me a line if you're really losing sleep over it. My husband's actually passionate about this stuff. If nothing else, he'll definitely give you an education on financial products. And he may be able to hook you up with one of his own (properly trained) agents, again depending on your location.
You could do better but you will have to take more risks. You can invest in a variable annuity. In this case the interest rate could be higher than 7%, but it would still fluctuate and vary depending on the performance of your subaccount. Return rate could go higher, but it is possible that it could also go lower.
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