Who's Preying on Your Grandparents? - New York Times
A great article on the annuity industry and how they are taking advantage of our senior citizens. I have severl clients who have been sold junk products from companies like American Equity Investment by slick salespeople who have no regard for doing what is right. The only interest is in generating a commision.
I don't believe annuities are all bad, but the vast majority are and you should be very weary before purchasing one. A client of mine was sold the exact same annuity mentioned in this article and is now stuck for 17 years in it - of course I won't stand for that, I'll get her out even if it means suing the company.