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June (a.k.a. 44okie78), you asked:

<< I have about 48,000 currently with Jackson Life(fixed annunity) which I originally transferred from Pacific. I am transferring back with penalty reinstated and with a few extra dollars. I have an Ira..about 18,000, another Ira about 13,000, another about 2,000. They are ALL annuties. First of all I would like to report my second advisor to whomever. She did not do anything illegal (as far as I know)..other than not telling the truth by omission. She did tell me that there were no fees attached to transferring my IRA's, which turned out not to be true, after I called the companies myself. Well, that's a whole other story. I am trying to get all these different accounts back to where they originated and then do something else with my small amt of money in light of my age. I am 55, am retiring in 4 yrs. I'm assuming that the IRA's have to stay in IRA's, but can I get them out of annunities? >>

YES!

<< Wouldn't it be best, at this point, to put the 48,000 in a money market or CD's? I found one that pays 7%. >>

No one can really say just what would be "best" for YOU. A lot DEPENDS on your risk tolerance as well as other things like your specific goals and objectives, you health, the <u>details</u> of other income sources.

I assume your risk tolerance is very low since you tend to look to "fixed" annuities, money market and CD's . . . ??? You'd be wise to read a couple of good personal financial planning books (something like Ernst & Young's Retirement Planning Guide). You'll find that your BIGGEST risk is inflation that can be devastating to investments in interest bearing accounts like you're looking at. Though you may be retiring soon, you're life expectancy is a very long time yet and one would still need some "growth" on their investments. To determine just how much should be invested for "growth", there's a rule of thumb that says to take your age and subtract it from 100 - the difference is the percentage one should put into the stock market (equity mutual funds for example)for growth over the long term.

<< Also, I do not want any advisors!! I have some investment property that will help with retirement. I am a teacher and will be getting a "piddly" retirement from the state. I must be the only person in the past few yrs. whose investments are worth less than when they started. I stopped my contribution to my 403b, which is also an IRA, which is an annunity!! Ahhhhhh!
Any comments??
>>

Since you no longer want any advisors, I would highly recommend you get a couple of the personal "financial planning" books and educate yourself on how to do some of these things yourself. Note, I am suggesting "financial planning" reading . . . NOT books about how to make a million or "How To Invest". Financial Planning is more comprehensive than just issues about "how to invest" or how to make a million. Hope you get my point . . .???

As a professional advisor, I am sorry to hear of your experience with "advisors". I can fully understand your frustration. But, ALL advisors are not bad and many if not most of them are quite good. In any case, I hope what I've said here will be of some help . . . even though it comes from an "advisor". ;-)
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