My husband is a union tradesman and his form of retirement consists of an annuity. I have a few problems with this, namely (1) the contributions are not tax deductible. We have no kids, we both work and we are getting killed with taxes (even after using FOOL strategies). He contributes about $5,000 a year and this would make a BIG difference in our taxable income if we could get a tax credit for this, such as a 401(k). (2) I know annuities aren't the greatest as far as growth. They are extremely conservative, and I believe his is at least 75% bonds. YUK!!
My question: How do I get this to change?? How do I convince the Union to go 401(k)? Is there some reason why this was set up this way? If it's ignorance, I want to change it. If it has to be this way, OK.. I am looking for more info at this point, and I also want to know what kind of questions to ask and whom to ask them to.. The Union's Business agent??
HELP!!