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Not the Lone Anti-Annuity Troll
Old 07-16-2006, 02:10 PM   #1
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Not the Lone Anti-Annuity Troll

This weeks Parade magazine in many Sunday papers had an article about why no one should buy annuities. They said the fees overwhelm any perceived benefit of tax deferrel. The article went on to highlight their liquidity problems and early withdrawal penalties.

I'm just cleaning up my FIL's annuity screw job. It involves his net worth to be screwed some more but he needs the money. My father's annuity is locked up so tight it isn't even available for another two years -- over 5 years after his death.

The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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Re: Not the Lone Anti-Annuity Troll
Old 07-16-2006, 02:33 PM   #2
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Re: Not the Lone Anti-Annuity Troll

I would seriously consider having a little chat with your state's insurance department and likely filing a complaint. I think you might even have grounds for a lawsuit on the basis of them selling a totally unsuitable product to you FIL, depending on the facts and circumstances.
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