Ask Terry Questions Rolled my 40l(k) into an Annuity — big mistake??

Rolled my 40l(k) into an Annuity — big mistake??

By Terry Savage on July 16, 2019 | Investments

I rolled over my 401K into an annuity when I retired in 2016 from McDonald’s Corporation. I think I made a mistake because I lost all control over my investment. and the fees are more than the interest. Then financial advisor said that i would be earning 5% interest but I don’t see that. Did I make a mistake..Any suggestions?…

Terry Says

Whew — you were caught in the clutches of a salesperson who did a lot more for his or her retirement than yours!  Without more details, I can’t advise.  I don’t know what the penalties are for rolling over to a different product.  But I do know how you can get a specific answer that you can trust is in your best interests.

Send an email to — Describe exactly what you purchased — read the information from your annuity contract so he knows what you have.  He will let you know your alternatives.  Feel free to put my name in the subject line — as in “Terry Savage said to contact you”–

I get nothing out of this beyond knowing you will be getting the best advice from my most trusted expert in annuities.

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