DebER
Dryer sheet aficionado
Hi, I purchased a variable annuity from my "advisor" (at the time) back in 2000. I used my retirement funds of $28K. The "advisor" stated time and time again during his presentation that I was "guaranteed to double my money in 10 years" and that I "couldn't lose". Both my father and I had done business with him for several years, so I wrongly trusted him. Long story short, I lost. There was never a guarantee and I now have approx $15K. The annuity never recovered from the huge losses in early 2000.
A new advisor has suggested I roll it over into another retirement account that I have with him and explore my options, which I assume are probably more mutual funds. Does anyone have any suggestions on how to try to recoup my losses after such a long time? The only condolence is that, since this is tied to life insurance, my beneficiary will receive $28K if I die, even if the funds never recover. However, that will not help me.
Thanks for any suggestions.
PS I'm 48
A new advisor has suggested I roll it over into another retirement account that I have with him and explore my options, which I assume are probably more mutual funds. Does anyone have any suggestions on how to try to recoup my losses after such a long time? The only condolence is that, since this is tied to life insurance, my beneficiary will receive $28K if I die, even if the funds never recover. However, that will not help me.
Thanks for any suggestions.
PS I'm 48
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