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SEC Issues Warnings Regarding Purchases of Variable Annuities
The SEC has prepared a brochure available at its website, www.sec.gov, which discusses several cautions. These include:
- Variable annuity purchases in an IRA or other tax advantaged retirement plan, do not provide any additional tax advantage;
- Charges for variable annuities can be substantial and include surrender charges for liquidations before several years pass;
- Be weary of recommendations to exchange one variable annuity for another (so called “1035 Exchanges”);
- Avoid purchasing “Bonus” or “Credit” annuities because they may carry still higher expenses and lengthier surrender charge periods.
For more information, see
"SEC Cautions Against Purchasing Variable Annuities".
Source: SEC Website
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