Saying that Annuities are in all cases bad for seniors is absolutely wrong. the above article, pitching class action attorneys at the end, sounds highly suspect to me. We all know that someone nets about $6 from any class action case! The big winners are the attorneys! Back to the annuities -- if you thing that 3-8% is a HUGE commission, you know little about the insurance field. there are other products, such as wrap accounts that pay upwards of 18% for the first year and additional commissions thereafter! Are annuities right for someone with lower incomes, probably not. But to classify that they are wrong for ALL seniors fails to consider their individual position and goals. And while they do, often, carry a guaranteed death benefit, they are NOT the same as life insurance. Absolutely, take your time, and know the product you buy, that is the buyers responsibility, after all you are signing a contract. KNOW what you are signing, but for heavens sake, don't lump all seniors' and their needs into one category.

handiann

6 months ago

I unfortunately helped my parents sign up for a fixed annuity when we went in to buy some CDs at our local bank. I didn't understand what we were buying and couldn't reach my brother, who might have known more. I STILL feel guilty about it. I will NEVER forgive the bank for talking us into that. We were able to get our money out after six years, but the trust I had with the bank is gone forever. Annuities are INSURANCE policies, and pay a BIG commission to the salesperson. SHAME on the sellers for taking advantage of seniors. My big lesson is TAKE YOUR TIME to research something if you don't understand it. Don't give in to high pressure sales.