No. of Recommendations: 3
I just read the short article on retirement annuities and I wanted to add my two $ents worth. My Dad was "talked" into an annuity by the bank my parents have been customers of for over 20 years. My Dad's CD invested IRA was maturing and all he saw was higher interest. My sister discovered this a year later and pursued the matter with the bank. Thankfully the bank agreed to reinstate the CD with no loss in interest except the difference between a CD and the annuity. They said they did want to see my parents in a bind should they need the money, (the money was locked in until 2005). Since they were the ones who sold this product to aging (79 & 78) and ill customers, I think this was mighty big of them. So if you have elderly parents, BEWARE.
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