Quote:
Originally Posted by arrowheadnation
Thanks for the advice. I appreciate it. I just wanted to make sure he wasn't being taken for a ride by some commission hungry college grad working for Edward Jones. He's reluctant to go the annuity route because he feels some moral/paternal obligation to "leave me something" when he's gone (I'm an only child). I keep telling him not to worry about it because I have a 401k and a pension, but he's old fashioned. I just want him to be able to be comfortable aka pay his bills & have a little left over for recreation/fun/travel/etc.
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So annuities are somewhat infamous as being promoted by brokers for the commissions they get. But, somewhat like regular life insurance policies (which are similarly infamous), they aren't necessarily bad -- they are rather a certain product that might be right for someone depending on the circumstances.
But the concern about the commission aspect isn't misplaced. If he wants an annuity, he should DEFINITELY shop around. The web is filthy with websites that will compare them etc. it seems, based on my ten second review (and I'm hardly surprised; it's exactly what I expected to find).