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Variable annuity

By Terry Savage on June 24, 2020 | Investments

Our advisor is saying that our annuity (variable) with Riversource is too expensive to keep. I liked the guaranteed income. There is no surrender fee or tax implication cuz it is part of our IRA. I just think the market is too volatile right now to change. Your thoughts?

Terry Says

Aha, and what does the “advisor” propose to do with the money??? Probably invest it in a different annuity, where he/she can earn another big commission!
I can’t comment on the specifics, but the “expensive” part of the annuity was the initial commission on your investment. I’m just guessing that the “lock-up” or surrender charge period for getting out of the annuity just expired! Now he wants to earn another commission.

I can’t comment on the costs or terms of your current plan. But if you want to get expert advice on this send an email to Stan Haithcock. His email is Stan@stantheannuityman.com. give him the exact details of what you own, and how long you’ve owned it — and your “adivosr’s” recommendation!
Feel free to tell him I sent you — or not. But do write back and let me know what he says!
You can trust him 100%!

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