Yesterday I left the following message on the "Ask a Foolish Question " message board. I received word today that I should post this question on the "Retirement " board. Either way I need HELP.
Previously I wrote: " One of my close friends sold me on the idea of setting up a SEP (I'm a small business owner) with an Annuity. Ok, so now I've got insurance. He also had me make a sizable investment into three "Mutual Funds". I believe last year this investment grew some $500.00. BIG DEAL !!! In short, I think I'm losing my shirt on potential growth. I'm wondering if I should remove this money from the annuity and place it in a good performing Mutual Fund of my own choosing. I have herd from another invester with the same guy that if you withdraw the funds you will be charged a fee of about $15,000 ! Boy I hate to do that!! Oh yea, by the way, my buddy/investment guy is no longer in the business. Does anyone have any recomendations as to what I should do in a situation like this???
Thanks,
cswise