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My husband (57) and I (53) invested $200,000 in a variable annunity in 2004 for retirement. For several years it did real well, currently not so. It has lost about 1/2 of what it gained, but has not yet dipped into the principle amount. I thought it was insured, (The Hartford), but find out from our investement broker, it is not. I am suddenly nervous about this investment. This is just a part of our retirement portfolio. We have about $550,000 equity in the homes we own, $90,000 in a MMA and about $30,000 in an IRA. Any suggestion on annunities of this type, of course our broker says to sit tight. There are penalties to withdraw from the fund (6%). Also this original $200,000 was from the sale of our residence and was not taxed as capital gain. We should not have to pay any tax correct?? I know nothing in this market it a sure thing, but I want to feel somewhat safe! Thanks for any input.
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