The Money PIG Podcast host, Reid Trego, and CERTIFIED FINANCIAL PLANNER™ professional Justin Pitcock to discuss things that they do not recommend in terms of investments. They specifically focus on annuities and whole life insurance.
They explain that annuities can be appropriate for certain individuals, such as widows who are concerned about running out of money in retirement. However, they caution against annuities for most people, as salespeople often push them aggressively and earn high commissions from selling an annuity to them. Additionally, the fees associated with annuities can limit their growth potential and underperform other investment options.
As for whole life insurance, they argue that it is often sold to people who don’t necessarily need it or would benefit more from term life insurance. The savings account aspect of whole life insurance may seem attractive but isn’t always the best financial decision.
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