Jill on Money: Annuities, Social Security, refinance
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Insurance agents are going crazy, accusing me of "disparaging annuities unjustly." In honor of those nasty-gram e-mails, we kicked off this week's show with annuity-focused questions from Linda in MI and Gene in NY. Linda has three fixed annuities and wants to know what to do with them, while Gene has most of his net worth tied up in a variable annuity and is concerned with the policy's safety. The insurance haters may be surprised to hear me tell both Linda and Gene to stay in their contracts.
Here are the two articles that I recently wrote about annuities:
One of the features of annuities is that they provide retirement income, which can often help augment Social Security retirement benefits. Pete from KY called in asking what to do with his Social Security check, which he doesn't need right now. I gave him an idea that would guarantee an 8 percent return! I also helped Donna with a question about whether she could claim one-half of her first ex-husband's Social Security benefit.
Peter from Buffalo asked about whether he should refinance his home and the answer is a resounding YES, while Linda wants to know whether or not to pay off her mortgage if she may be selling the house soon.
Judy from Texas has an estate of $15 million and desperately needs estate planning advice, while Nikki from WI needed advice about having the "money" talk with her fianc?.
Here are web sites and resources mentioned in this week's show:-- How to Choose a Financial Advisor: 10 Questions
-- NAPFA: National Association of Personal Financial Advisors (fee-only advisors)
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