Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
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.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement