As the CEO of www.taxconnections.com, I have been searching for a top expert in Financial Planning. Once I read Ed Mahaffy’s book titled “How To Select A Financial Advisor: The Least You Should Know”, then interviewed him, then reviewed his video library, I knew we had the right person for this special financial planning series.
On Fridays, TaxConnections will present the questions most often asked of a Financial Planner. Although the majority of his clients have in excess of 1M in assets, Ed has made himself available to answer anyone’s questions. Please leave your financial planning questions in the comments section below and we will ensure Ed Mahaffy receives them to post answers in TaxConnections Friday Feature Series on Financial Planning. Welcome Ed Mahaffy, CFP!
Ask Ed: Financial Planning Questions And Answers
QUESTION: Should annuities be purchased in an IRA?
ANSWER: No. The retirement account already provides tax deferral. Annuities also provide tax deferral however you pay dearly for this feature as your investment is subject to hefty operating expenses and hefty surrender charges imposed by the issuer to ensure that it recovers the hefty commissions it advanced to your financial advisor. Whenever a financial recommends purchasing an annuity in your IRA it should be a red flag and you should consider another financial advisor.
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