I have often written about the “evils of annuities.” In my experience, I have seen annuities sold:
Within retirement accounts – There is no purpose to putting a high cost tax-deferred product into an account that is already tax-deferred.
To elderly people – A variable annuity sold to an 80-year old with a 10-year surrender charge just doesn’t make financial sense.
To people earmarking the money for a shorter-term purpose – Can you believe an annuity with a 10-year surrender charge was sold to a couple for their 12-year old child&rsq
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