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No. of Recommendations: 5
My Fellow Fools,
I opened a 403B annuity 7 years ago with Massachusetts General Life. They were bought out by Conseco in 1997 and that's when things began going downhill--no quarterly statements anymore (not even annual statements), no access by their phone reps to my computer files, no letter of loan satisfaction when I paid off a loan a few ago on the annuity--you get the picture.

The plan of action is to get my money from Conseco and put it somewhere else. Any suggestions?

Currently, with the annuity, I can borrow about 65% of the money I have invested in the annuity at 2% interest. This came in handy the last time I wanted a car loan. I simply borrowed from myself at this low interest rate. And, since I was starting a new business, when I became strapped for cash, I was able to miss several loan payments without it affecting my credit rating. Also, I earned interest on the entire amount I had invested, even though much of it was still loaned out to me.

I understand VanKampen has a 403B plan that I could roll my money into. I would have access to 90% of the money for a loan. However, it's a managed fund and would cost me 1.6% of my earnings. Does anyone out there in Fooldom know how I can have my cake and eat it too?
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