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New to Tax Strategies?
Read our Complete Tax Strategies Guide →Getting ready to retire and I have a large pension. I am trying to convert my money over to Roth. My Advisor suggested I use the rule of 100, put 65% into some annuities and ~35 % into a product called Future Fund. It is a product from Irvine Capital and personally think it is too good to be true. it offers a limited partnership, and I can write off ~80% over 3 years and start receiving a taxable dividend effective the first quarter.
Has anyone heard of this product and/or is this not legit?
JoeQ17
9 months ago
You’re getting bad advice from your “advisor”. Please talk to others.
NCTHIKER
9 months ago
If you have a pension then seems the annuity route is redundant. Pension would be considered your safe fixed income type investment and funds in 401k and ira s would be placed in an index fund. I'm gradually converting from ira to Roth ira each year up to the top of 12 % tax bracket. I'd be looking for a different advisor!
newfi25
9 months ago
You're not trying to cash out the pension and convert it to annuities are you? That would be very redundant and you'd be paying a lot of fees.
BostonFI
9 months ago
It sounds like you don't have an advisor. You have a salesperson. Probably a greedy salesperson since they would earn a commission on the annuities and a trailer fee for putting you into the managed fund.
My suggestion is to meet with a flat-fee, advice-only CFP to get feedback from someone who doesn't have a conflict of interest in the advice they're giving you.
Also, the rule of 100 hasn't been reasonable advice for a very long time. That's another red flag that you probably shouldn't be taking advice from this person.
Measure Twice Financial is Cody Garrett's firm. A while back he and Brad Barrett were looking for volunteers to review their finances for a ChooseFI podcast series. Maybe reach out to Cody or Brad to see if that project is still active.
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