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Variable Annuity and Retirees
Many people who are retired or close to retirement put their money into variable annuities so they have guaranteed income for the rest of their lives. What they may not be told, however, is that variable annuity investment through an IRA does not give them any further tax-deferral benefit and annuities bought under such circumstances are only suitable if they come with a guarantee of lifetime income, which often costs more. Therefore, not all variable annuities are suitable for retirees. Furthermore, variable annuities come with high fees and charges, possibly making them even more unsuitable an investment.
In addition to concerns about suitability, there are also concerns that variable annuity holders were not told about the risks associated with the annuity. Some insurance companies have allegedly sent letters to annuity holders, requesting that they either put more money into their annuity or that they accept a higher value on the annuity but sign a document saying they will never annuitize (receive periodic payments) the annuity.
Annuity holders were allegedly not told about the risks associated with their annuities.
Variable Annuity Lawsuits
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• As the largest generation in America’s history gets ready to retire, the focus on litigation over financial scams is gaining momentum. Variable annuities, a type of financial product many people are not likely familiar with, represent a minefield for investors, particularly seniors and people trying to shore up their retirement incomes. Many people who believe they were victimized by a disreputable company are now taking legal advice.
Variable Annuities Not Necessarily Suitable for Everyone
Variable Annuities Can Be a Minefield for the Elderly
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READ MORE Securities Settlements and Legal News