A good retirement plan

[Slartibartfast]

The fine print. .

Don't let guaranteed and projected rates fool you. .

Quoted for emphasis. Well guaranteed rates is guaranteed on the premium so you can count on that but 0% guaranteed rate is nothing to boast about and 1% not exactly much better. The 1% might be slightly better than keeping your money under your mattress when you consider all the money the take up front.

This all means an annuity is not a good investment?

Right now it's as good as keeping your money under your mattress but a little less safe. Guaranteed rate at 1% and 0% which is far worse than the inflation rate plus they take a bunch of money up front, and a monthly service charge and I have not seen a return greater than 1% for the 5 years that I have been with them so far.

Any investment where you turn a profit (literally any investment whatsoever) is a better investment than an annuity right now.

Remember, projected rates are pulled out of their collective @sses and historical rates are based on a previously booming local and international economy and are therefore completely irrelevant. Ask them to see the rates for the past 3 years and/or 5 years and do projections based on those rates.

Also... 0%... they not shame to say that out loud? They basically just asking you to pay them for the inconvenience of letting them hold on to your money.... 0% LMAO!!!

[Premchand1976]

I guess they all serve their purpose? 50k annually as additional non taxable allowances tends to be of benefit to some people. The 90% in charges may be overstated, I believe it's more about 70% or thereabouts, interest rates the world over sucks, capital is insured somewhat via central bank now since the click fiasco, statutory bonds are in place, quarterly returns are required etc etc. It all depends on the individual and their need for the product I guess.

[Redman]

Prem is right...unfortunately the Sales Forces of the insurance companies are very low quality IN GENERAL.

Your best bet is to look for a solid KNOWLEDGEABLE Financial Planner while educating your self and pouring your money into your head.

Determine the diffference between a Good FP-and a Sales Agent.

Take responsibility for your money,funds and future.

there is WAY too much information out there on the web to be duped into buying a product that you dont need.

[Slartibartfast]

The tax is deferred. Your payments when you retire will be part of your taxable income. Even if you don't claim for the tax return now you will still have to pay the tax on it later.

[X_Factor]

so this is my master plan
taking out an approved annuity for 15 yrs....will mature at age 50
the govt gives 25% tax rebate so technically i am getting 25% interest every year

putting in 1200 a mth, do the necessary tax forms to pay less tax every mth
so by putting in 1200 a mth, I will be paying 300.00 less tax every mth, therefore my capital investment is really 900
after 15yrs it should yield around 220k and my investment would have only been 162k

[car]

so this is my master plan
taking out an approved annuity for 15 yrs....will mature at age 50
the govt gives 25% tax rebate so technically i am getting 25% interest every year

putting in 1200 a mth, do the necessary tax forms to pay less tax every mth
so by putting in 1200 a mth, I will be paying 300.00 less tax every mth, therefore my capital investment is really 900
after 15yrs it should yield around 220k and my investment would have only been 162k

Don't forget to calculate for inflation and reduced buying power of your money.
In 15 years time a new average car will be about 1/2 million and more.
The 17 years I had an insurance and annuity I watched 3 bedroom upstairs houses and land go from $250k to 2 million.
I say use your money to buy what you need now because it ain't going to worth much in 15 years.

[X_Factor]

its one of the savings plan i have for my son's education
my wife also took out one
so we catering around 500k for his tertiary ed
and as u say, in 15 yrs time i hope it might be enough but atleast we should have most depending on the field he chooses

[Redman]

Don't hope
http://www.savingforcollege.com/tutoria ... cation.php

[pugboy]

You sure about that 25% yield ?

[X_Factor]

well presently, its 25% refund (tax incentives) on registered annuities
i really cant see any government touching it..they would lose serious political mileage ...if anything might go up

[redmanjp]

so this is my master plan
taking out an approved annuity for 15 yrs....will mature at age 50
the govt gives 25% tax rebate so technically i am getting 25% interest every year

putting in 1200 a mth, do the necessary tax forms to pay less tax every mth
so by putting in 1200 a mth, I will be paying 300.00 less tax every mth, therefore my capital investment is really 900
after 15yrs it should yield around 220k and my investment would have only been 162k

this is with who? and what rate?

[X_Factor]

its an annuity and claming the 25% tax refund allowance given by the government

so you must be paying income taxes for this towork

[Ted_v2]

i going to open a doubles stand with spanish in some skimpy arse clothes,w00t

[urbandilema]

i going to open a doubles stand with spanish in some skimpy arse clothes,w00t

Agreed best try that too

[redmanjp]

Shop around. Ask a proper financial advisor about putting your nest egg in one basket vs distributing across two or three.
Think clico.

where do I find such an advisor (and are there fees)?

[redmanjp]

So Guardian saying they're number 1 but are there any others?

How does RBL TISP compare? apparently Guardian admited to me that the interest is actually simple interest and only switches to compound interest the LAST 5 YEARS.

edit: OK He apparently was wrong- it IS compounded. just that it starts off increasing very slowly.

[redmanjp]

hmm. i ask the guardian rep about rates for the last 5 years. he say he could only get this year. asked him why and he say they shredded the data for the previous years. like its a secret or what?

[Redman]

Shred...his card...delete his number...he's is a liar.

[Chimera]

15 years....to turn.....162k....into....220k?????

Better you buy water by the case and give a piper to sell by the roadside @ $5

[bluesclues]

15 years....to turn.....162k....into....220k?????

Better you buy water by the case and give a piper to sell by the roadside @ $5

Could turn that into 300k in a week lol

[Premchand1976]

hmm. i ask the guardian rep about rates for the last 5 years. he say he could only get this year. asked him why and he say they shredded the data for the previous years. like its a secret or what?

Our ethics committee would love to get this person's name......to terminate his contract. Our records are available for every year.....where the heck he came.up with such a stupid response as " they shredded the data "???? Who's his manager Boi?????

[redmanjp]

hmm. i ask the guardian rep about rates for the last 5 years. he say he could only get this year. asked him why and he say they shredded the data for the previous years. like its a secret or what?

Our ethics committee would love to get this person's name......to terminate his contract. Our records are available for every year.....where the heck he came.up with such a stupid response as " they shredded the data "???? Who's his manager Boi?????

I sent a PM

[pjfred]

So what have been the rates?

[Premchand1976]

[Premchand1976]

So what have been the rates?

If it's not on the website, you can get it from any agent or even the customer service department. Also, rates for which product / plan you are asking about ? There are may many policies and funds that monies are invested in. I can email our growth rates as at October 15th to you all if so desired.

[Premchand1976]

[teems1]

hmm. i ask the guardian rep about rates for the last 5 years. he say he could only get this year. asked him why and he say they shredded the data for the previous years. like its a secret or what?

By law all insurance history for the last 7 years on every policy has to be immediately accessible. Older than 7 years can be backed up to tape and long term storage.

[jackal]

The best plan is to buy a piece of land, about 20 acres.

Tractor it down.

Plant it up with Teak and Mahogany.

Maintain the plants until 5 to 6ft high (aprox. 3 to 5 years)

Let sit for 20 years until the plant mature.

Cut the trees and sell the lumber.

You have a few million $$.

Too bad, I didn't have someone like me to give me this advice when I was younger.

[Chimera]

That's a good plan as well. But after 18 years you better make sure the property is secure because people stealing that and all. Also....how much money you need to put out to even buy 20 acres and plant and maintain 20 acres of teak.....hundreds of thousands or millions not so

[car]

Plant it up with Teak and Mahogany.

Maintain the plants until 5 to 6ft high (aprox. 3 to 5 years)

Let sit for 20 years until the plant mature.

You have a few million $$.

Too bad, I didn't have someone like me to give me this advice when I was younger.

One fire and all that gone.