Here is an excerpt from a good article "The great annuity rip-off", Forbes magazine, Feb 9, 1998:"Take this quiz. Are you:- contributing the max to your IRA and 401K?- very sure you won't need the money until you are past 59 1/2?- confident you won't have an occasion to either give appreciated securities to charity or leave them to heirs?- Going to invest in either junk bonds or a high-turnover stock portfolio?- Prepared to lock up the money for a decade or more and/or annuitize the payouts?- Going to buy a no-load contract? (see table, p. 108)- Certain that your tax rate will be lower in retirement?If ALL your answers are 'yes', then consider owning an annuity."As I remember, the article dealt mostly with opening an annuity with new money, not converting a 401K into an annuity. You should read the article for more details.
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