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I have a question about retirement investment strategies. I am currently employed by a City government. The City has set up a 457 deferred compensation plan through Lincoln Financial Group. This plan is a tax-deferred variable annuity with over 28 different choices of sub-accounts offered. All of the sub-accounts are managed by respectable companies and have posted decent returns. Very few however, have been able to outperform the S&P. The 457 plan is somewhat different than a “qualified annuity” in that when I leave the City I am able to withdraw my money without any penalties.

I have always been skeptical about annuities and have hesitated to enroll in the program. I have been making contributions to DRIP accounts and to my Roth IRA but now I'm wondering if I should take advantage of the tax-deferred savings? I can contribute up to $8,000.00 a year into this plan and that would certainly make a difference. I am trying to decide whether I should enroll in the plan. I don't expect anyone to make a decision for me I am just looking for good information from Fools!

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