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Annuity question? |
Back in 2000, I put 15K into an annuity. I know nothing about stocks, etc. and was given the advice to do this investment from a stockbroker/co-worker. Shortly after investing, the market crashed and it went down to about 9K. He told me to just keep it in and not to worry. It has taken 7 years, but it is back up to 15K. At this point, should I just leave it or cash out and re-invest it into something different? Annuities can be pretty costly, so if there is not an underlying reason behind the annuity (for example a lifetime income rider) then you would probably be better served in something else; however, you should check and make sure you don't have a deferred sales charge to move the money (many annuities have 8 or more years of deferred sales charges). If you do then it might be better to stay put until the period is over. At the very least I would look at the investment options inside the annuity. Breaking even over the last 7 years is not good. Most of my clients have netted an average return of 9% or there about in the same time frame. |
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