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The Truth About Buying Annuities

The Truth About Buying AnnuitiesAuthor: Steve Weisman
Publisher: FT Press
Category: Book

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Rating: 3.0 out of 5 stars 5 reviews
Sales Rank: 497555

Media: Paperback
Edition: 1
Pages: 208
Number Of Items: 1
Shipping Weight (lbs): 0.8
Dimensions (in): 8.4 x 5.4 x 0.6

ISBN: 0132353083
Dewey Decimal Number: 368.37
EAN: 9780132353083
ASIN: 0132353083

Publication Date: August 15, 2008
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Product Description

Avoid the retirement annuity minefield...don’t make an expensive, catastrophic mistake!

· The truth about using annuities to protect your future

· The truth about hidden fees that could cost you a fortune

· The truth about the newest types of annuities–good and bad

Simply the best thinking…the truth and nothing but the truth

This book reveals the 50 CRITICAL FACTS you must know about annuities before you buy

“Steve Weisman has accomplished a feat of immense proportion by explaining one of the most complicated investment vehicles in ways that average Americans can easily understand.”

Robert Powell, Editor, “Retirement Weekly,” MarketWatch

Introduction v

Truth 1 The history of annuities 1

Truth 2 Immediate annuities 5

Truth 3 Fixed rates 9

Truth 4 Deferred annuities 13

Truth 5 Annuity fees 17

Truth 6 Variable annuities 21

Truth 7 Variable annuity investment choices 25

Truth 8 Actively managing variable annuity sub-accounts 29

Truth 9 Indexed annuities 33

Truth 10 More about indexed annuities 37

Truth 11 Calculating index changes 41

Truth 12 Inflation protected annuities 45

Truth 13 Tax-sheltered annuities 49

Truth 14 Annuity settlement options 53

Truth 15 Tax deferral 57

Truth 16 Annuity risk 61

Truth 17 Annuity death benefits 66

Truth 18 Annuities and income taxes 69

Truth 19 Tax-free 1035 exchanges 73

Truth 20 Charitable gift annuities 77

Truth 21 Split annuities 81

Truth 22 Joint and survivor annuities 85

Truth 23 Shorter surrender annuities 89

Truth 24 Longevity insurance 93

Truth 25 Inheriting an annuity 97

Truth 26 Variable Annuities versus variable universal life insurance 101

Truth 27 Choosing between mutual funds and an annuity 105

Truth 28 Annuities and asset allocation 109

Truth 29 Asset allocation and laddering annuities 113

Truth 30 Minimum required distributions 117

Truth 31 59 ½ 121

Truth 32 Annuities in IRAs 125

Truth 33 Annuities and 401(k)s 129

Truth 34 More about annuities, IRAs, and 401(k)s 133

Truth 35 Annuities for children 137

Truth 36 Bonus credits 141

Truth 37 The Pension Protection Act, annuities, and long-term care 145

Truth 38 Annuities and Medicaid 149

Truth 39 Annuities and reverse mortgages 153

Truth 40 State Guaranty laws 157

Truth 41 Annuities and creditor protection 161

Truth 42 Getting out of an annuity 165

Truth 43 Annuity scams and senior citizens 169

Truth 44 Annuities and class actions 173

Truth 45 Prospectuses and annuities 177

Truth 46 Free looks 181

Truth 47 For whom annuities are best 185

Truth 48 Steve’s annuity rules part one 189

Truth 49 Steve’s annuity rules part two 193

Truth 50 Where to go for Information 197

About the Author 201



Customer Reviews:
5 out of 5 stars Simply the Best   September 20, 2008
Dennis De Ford (elk grove vlg, il United States)
15 out of 19 found this review helpful

The contracts on insurance products are written for the benefit of the insurance companies, not the insured. This is the first book I have read that simply and yet completely explains a complicated financial product that most people buy without understanding what they are buying. Annuities are an area where there has been great abuse by salespeople; I wish I could make this book required reading before anyone could by one.


5 out of 5 stars An ideal addition to the growing library of financial and money management literature   November 14, 2008
Midwest Book Review (Oregon, WI USA)
7 out of 9 found this review helpful

Retirement is expensive, and making the right decisions is incredibly important. "The Truth About Buying Annuities" is a guide to avoiding bad choices in finances when planning one's retirement. With cogent advice on minimizing risk when investing in annuities, avoiding the hazards embedded in the fine print, identifying and utilizing new options that are emerging in the modern market, and so much more, "The Truth About Buying Annuities" is solid and recommended reading for anyone planning the finances of their retirement. An ideal addition to the growing library of financial and money management literature, "Buying Annuities" is an important acquisition for personal, professional, and community library instructional reference collections.



3 out of 5 stars Annuities---it is not for everyone.   April 3, 2010
R. Rowlett (LAS CRUCES, NEW MEXICO, US)
1 out of 2 found this review helpful

First of all, the book is good reading. Full of information and interesting concepts. However, annuities are not for everyone. Only buy this book if you have an annuity or thinking about buying an annuity. An Annuity is basically mutuals funds wrapped in insurance!...If you love mutual funds and love insurance---this book is for YOU!..;-D


1 out of 5 stars Author completely omits most important features!!!   June 29, 2009
Timothy (Coronado, CA USA)
12 out of 12 found this review helpful

This author omits the most important facts about today's Annuities.
The guaranteed principle and income riders.
People who took Steve Weisman's advice to stay away from annuities and lost 40% to 50% of their life savings in 2008 should be upset.
For a fee of .35% per year, which is just 350 per 100,000 . Your principal could have been 100% protected from loss as long as you don't withdraw more than 10% per year and hold your annuity for 7 years.
Another very popular rider that has also been available for years is called Lifetime HD 7 and has a .75% yearly fee.
This rider locks in market gains EVERY DAY and guarantees a 100% return of principal after 10 years.
It also guarantees a 7.2% compounded return for your retirement value .It guarantees your retirement value to be 200% in 10 yrs and 400% in 20yrs (this value is what you can base your 5-8% lifetime withdrawal on. You cannot walk away with this amount as you can with your principle.)
When you start your lifetime withdrawals they can never stop even if you run out of principle.
Your income can also continue at your death for your spouse and double if you enter a nursing home or become disabled.
For this author to completely omit these riders in his book shows he may be biased and have an anti annuity agenda.



1 out of 5 stars Research is outdated.   December 26, 2008
J. Thornberry
15 out of 18 found this review helpful

This book is overwhelmingly negative towards annuities. Although, I think that many of the author's (Weisman) points are valid they are mainly geared toward older variable annuities, with particular attention given to equity indexed annuities and annuitization. Not one of the 50 chapters is devoted to living benefits, which make today's annuities most attractive.

I am very disappointed in this book. Nothing of what the author outlined is factually incorrect, but it is written as if he looked for all the negative aspects and published them. To write a book title " The Trust About Annuities" in 2008 and not even mention living income benefits (GMIBs, GMWBs, etc) seems negligent.


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