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Author: gurdison Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 20147  
Subject: Re: Need advice for my mother Date: 11/16/2000 6:00 PM
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<The way I was told, it was set to annuitize when she reached 85 years of age. She complained to her fianancial advisor, so he had it lowered to 80, which still isn't satisfactory to her. Her financial advisor has since died.>

It is absolutly amazing what people will sign when an advisor tells them to. As badly as most FOOLS view annuities, this one seems to take the cake. The only good news that I can see in this is the fact that the "financial advisor" can't do the same thing to any more clients.

I know it is too late to apply in this case but there is a good lesson to be learned from this. Before signing on the dotted line, a FOOL should discuss the issue with a trusted, objective third party. In this case it could have been you. If the material is too complicated, get some additional paid advice either from a CPA or lawyer. If the salesman insists that you have to sign today, run like hell in the other direction.

Good luck with this mess. Be sure that you know ALL of the fees involved before you finalize anything. I am not very good at posting the links, but I know there is a ton of information on annuities here at the FOOL. Maybe some others can provide some links.


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