Wealthy Retirees Avoid These 7 Assets - Many Others Do Not
213K views · May 24, 2026 · Education
Comments · 276
@connclissmann6514 · 4 months ago
The harder they sell it to you, likely the higher the commission. The higher the commission, the less likely it is to the customer's advantage. Works across multiple industries, not least financial services.
122
@danbgt · 4 months ago
Once you make it to about 55 years old, you begin to get barraged with scams. And it increases from there! At 75, I now see everything as a scam. 😂
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@Ishkabibble-o8y · 4 months ago
My plan is to leave my time share to the guy who bullied me in high school and/or my ex-wife, if I ever have one
71
@frankhall9708 · 4 months ago
Time shares- I'm a retired attorney and was involved in a divorce case about 15 years ago. The husband sold time shares and pulled down over 300k a year. All of the attorneys involved in the case determined that they were in the wrong line of business.
34
@The-Armed-Pacifist · 4 months ago
When I was young and even more stupid, I allowed two friends to sell me an annuity and a whole life policy. I still own both, but I allow the dividends on the life policy to pay the premium and get a 4% return on the balance. The death benefit will not be taxed and most likely donated to charity. The annuity will be taxable, but I don’t need the money for normal expenses, so I also let it ride at the 4% rate.<br>I hope that my friends enjoyed their commissions.
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@duaneweaver537 · 4 months ago (edited)
I'm a CPA and I agree with every warning you presented. For years I've been telling people to stay away from all of those products.
17
@Dharmanarchist · 4 months ago
My sister in law is not married and doesn’t have any children. She was pursued by an extremely aggressive annuity salesman and asked me for advice. I showed her how buying preferred stock in the very insurance company he was pushing would yield nearly the exact same income without all the penalties and downside of owning the annuity. He was pissed lol.
22
@klintcook-z8m · 4 months ago
One thing you can do if you were to have stumbled into a whole life insurance policy - ask for a paid up benefit. This is effectively a reduced death benefit conversion that will put a stop to any future premiums and you still have some coverage, and its better than a cash surrender which may trigger a taxable event.
13
@TheJAXguy · 4 months ago
I'm not sure I'd call these "assets." "Products" may be a better word.
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@mikefigures5075 · 4 months ago
I attended a time share pitch 35 years ago when I was 25 in Cancun. Laughed at all the nonsense they were spewing. Enjoyed the free lunch and walked out. 😆
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@RetireSmartCheck · 4 months ago
The variable annuity fee comparison is devastating 2-4% annually vs. 0.03% for an ETF. Over 20 years, that 2% difference consumes nearly 1/3 of your returns. But here's what Jeff didn't mention: the surrender charges (7-10% in early years) lock you in while the fees compound against you. The only people who benefit are the sales agents earning 5-8% commissions. I covered this recently from an independent angle.
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@alant8553 · 4 months ago
I have a friend who is now 72 and at the age of 69 he bought 2 Timeshares in Hawaii. Wow. I couldn’t believe it. Then he told me how he plans on leaving them to his daughters. Ugh. Then whenever you visit a timeshare property, they always want you to go through another 90 minute presentation. Later I found out he bought one more timeshare someplace. That’s when I found out that 60% of people who buy timeshares already own a timeshare. That’s why they’re always trying to get you to go through another present. They know a sucker when they see one
5
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