On this episode of Red Clay on Wall Street, host, Dr. John Colegrove walks you through another financial query that you may be experiencing in your life. Today’s episode is centered around what a fixed annuity is and who it is most appropriate for, and how it compares to other financial vehicles, products, and investments. Dr. John Colegrove provides real life applicable examples for listeners to understand just how fixed annuities can work for their benefit.
In this episode:
0:09 - Welcome!
1:09 - Dr. John Colegrove introduces the episode theme: what is a fixed annuity
1:15 - A fixed annuity is an insurance product that provides investors with principled protection, a fixed rate of interest, and tax-deferred growth.
1:26 - What stage of life are fixed annuities geared toward and why?
1:51 - When should you own a fixed annuity? Though everyone’s situation is unique, there is one circumstance where owning an annuity is ideal
2:00 - Why and who should be maintaining a healthy emergency fund?
2:20 - Fixed annuities may make sense for those who are dissatisfied with some of the limitations of emergency fund accounts
3:09 - Are there any tax advantages to owning a fixed annuity?
4:12 - Fixed annuities have deferred interest as long as the interest remains in the annuity
4:29 - What if you don’t require the money once it matures?
4:33 - When a fixed annuity matures, an investor has three choices: 1) Cash out, 2) Renew, or 3) 1035 Exchange
5:26 - When would be a bad idea to buy a fixed annuity?
6:29 - What happens to my fixed annuity when I die or become disabled?
6:56 - How does a CD (certificate of deposit) compare to a fixed annuity?
8:06 - Dr. John Colegrove advises to seek advice from a trusted financial professional in regards to finding out financial options work for your life situation
Links:
Listen to more episodes of Red Clay on Wall Street on Apple Podcasts
Find out more about Calder and Colegrove by visiting their website
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