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Author: Lanta One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19599  
Subject: IRA to annuity and back Date: 5/11/2000 12:10 AM
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Hi, I've read several posts on here about annuities and how bad they are especially when kids inherit them. Four or five years ago, our insurance man said it would be to our advantage to roll over our IRAS into his company so we could be more consolidated. We have several IRA's in different banks - depending on the interest. So I did one of them when it came due. He turned it into an annuity and said it was better than an IRA in the bank. The interest was a little better, but not much, plus we pay $30.00 a year for them to "hold" it. Is this a good idea or should I, or can I roll it out of there back into a bank IRA earning higher interest? From what I read, annuities are hard to get out of - please explain. We are in our upper 50's and need to think about the tax on our kids. We've not added to it ever, just regular interest that has been added.
All help is greatly appreciated.
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