Quote:
Originally Posted by xxweekxx
where are you getting 7%/yr from?? retirement plans?? cuz i dont know how many investments will yield 7%+ guaranteed a year
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I am in the process of rolling over my personal IRAs into a ROTH IRA using an equity index annuity. The equity index has a 10 year agreement and you need to put at least $10,000 into it to open it. I am using this for retirement and don't plan on touching it for 30+ more years so no concerns there for me.
Since it is an equity index, it has a min and cap rate. The minimum is 7.2% and the cap is 12%. So if the index makes 15% you make 12%, if the index makes 2% you make 7.2%. The minimum guarantee of 7.2% is only good if you go the whole 10 years. Also if you break it early there is some penalties. Without the guarantee you would then get actual market value. Also this particular company is offering a 8% matching bonus on the initial deposit.
Like with any investment contract read everything and understand all of the terms and conditions.
If you have any specific questions about the equity index annuity I mentioned here feel free to contact me directly and I can help you.