The Financial Crisis Support Group

This community is dedicated to discussing the financial crisis of 2007-2008, which has had a worldwide impact on wealth, jobs and personal security. Our hope is that this community will focus on positive thoughts, real advice for adjusting your expenses and investments based on these changes, and support for one another as we go through this painful period.

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lastvice 10/11/2008

I switched my 50,000. CD to an AIG annuity 6 months ago. Don't ask me why, I regret it horribly right now. It is guaranteed 5% for the first 3 years and then 3% until I'm 50 years old. I'm 37 now and this is everything I have for my and my daughter's future. I'm really worried about what is going to happen to this money. Should I be? Should I look into taking it out and back into a CD? Any advice would be appreciated. Thanks!!

lastvice 10/12/2008

Anyone?

deleted_user 10/12/2008

find a low key financial guide and ask them what you should do. They should be able to help you. DONT let them chage you a huge fee either! Thats a pretty easy question for them to answer youd think. But as for me. I would not give them my dog to take care of let along my lifes savings. IMO

deleted_user 10/12/2008

Sit tight the market will be on an uptick on Monday they've got their filthy lucre from the working man time to regroup and laugh

http://members.shaaw.ca/phradus/bohemiangrove.html

deleted_user 10/12/2008

http://members.shaw.ca/phraedus/bohemiangrove.html

sorry about that typed the address in by hand

deleted_user 01/17/2009

i have a huge amount of money in annuities from a settlement. i knew nothing about annuities when i was advised to take them out.
Very sorry i did, but i am locked in to them.
Some annuities, not sure if it is all, are insured like for death benefits and guaranteed income (which you do end up paying a premium for somehow) but the way the market is now, if you cash it in now, you will lose a ton of the value. I cannot cash mine in now so i have to hope things turn around. I'm older than you so i don't have the time frame for it to turn but you do. Before cashing in, you need to find out how much money the value has lost. it might be worth while just waiting since you are young.

deleted_user 01/23/2009

If it was me, I'd take it out of there and put it into a CD. At present I am able to get 4.75% on a 5 year CD which is a very good rate right now. Times are tough. They'll likely get worse I suspect. This is just my own take on it for what it is worth.

However, I also might add that I did not lose any money during all of the losses last year and the ongoing losses we are still seeing. I've never been a fan of annuities.

If you go to a financial adviser, you'll probably be told to move it to another investment that will pay more (yeah right!).

Keep your money in a safe place that you feel comfortable with. I would not trust AIG for anything!

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