Quote:
Originally Posted by Federspiel
I purchased 3 Fixed Indexed Annuities 13 years ago. Dumbest thing I have ever done. Read the contract in detail. You will never understand it.. Indexed usually to S&P 500. When market declines this year (and it will), buy a simple S&P 500 index fund. Had I done that, I would have been hundreds of thousands richer. If you can't understand the contract, run. Administrative fees will eat up your savings.
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Unfortunately, most annuity companies will not to allow you to read the contract before you buy it. You pay the money first, and then they send you the contract. Then, if you don't like it, you have 30 days to ask for your money back. If you ask to review the contract in advance, they will get mad and refuse to provide it. That is a terrible way to do business.